Plug Power (NASDAQ:PLUG) Shares Down 1.6% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) shares were down 1.6% on Tuesday . The stock traded as low as $2.31 and last traded at $2.39. Approximately 14,333,014 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 43,428,219 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

PLUG has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Evercore ISI lowered their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Piper Sandler reduced their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

The firm has a market cap of $2.21 billion, a P/E ratio of -1.13 and a beta of 1.76. The business has a 50-day simple moving average of $2.20 and a 200 day simple moving average of $2.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same quarter last year, the firm earned ($0.47) EPS. The business’s revenue was down 12.6% on a year-over-year basis. On average, analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power during the second quarter valued at approximately $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter worth about $28,000. Profund Advisors LLC bought a new position in shares of Plug Power in the 2nd quarter worth about $29,000. Prio Wealth Limited Partnership purchased a new position in Plug Power during the 3rd quarter valued at about $29,000. Finally, Catalyst Capital Advisors LLC boosted its stake in Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.