Plug Power (NASDAQ:PLUG) Stock Price Down 4.6% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 4.6% during trading on Thursday after Piper Sandler lowered their price target on the stock from $1.60 to $1.40. Piper Sandler currently has an underweight rating on the stock. Plug Power traded as low as $1.87 and last traded at $1.88. Approximately 19,712,677 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 40,832,223 shares. The stock had previously closed at $1.97.

A number of other research analysts also recently weighed in on PLUG. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Wednesday. Craig Hallum dropped their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Royal Bank of Canada lowered their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Evercore ISI dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.65.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently made changes to their positions in the business. Pitcairn Co. grew its holdings in Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after buying an additional 4,169 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in shares of Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 4,700 shares during the period. Arkadios Wealth Advisors grew its stake in shares of Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after acquiring an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares during the last quarter. Finally, Catalyst Capital Advisors LLC raised its stake in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

Plug Power Trading Down 2.1 %

The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.70 billion, a P/E ratio of -0.88 and a beta of 1.81. The business’s fifty day simple moving average is $2.06 and its two-hundred day simple moving average is $2.41.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period last year, the business earned ($0.47) earnings per share. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. As a group, analysts forecast that Plug Power Inc. will post -1.16 earnings per share for the current year.

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.