Shares of Plug Power Inc. (NASDAQ:PLUG – Get Free Report) dropped 2.4% during trading on Wednesday . The stock traded as low as $1.98 and last traded at $2.03. Approximately 10,510,681 shares traded hands during trading, a decline of 73% from the average daily volume of 39,180,980 shares. The stock had previously closed at $2.08.
Analyst Ratings Changes
PLUG has been the topic of several research analyst reports. Susquehanna reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company dropped their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Piper Sandler decreased their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and an average target price of $5.19.
View Our Latest Research Report on Plug Power
Plug Power Stock Performance
Plug Power (NASDAQ:PLUG – Get Free Report) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period last year, the business earned ($0.35) earnings per share. The firm’s revenue was down 44.9% on a year-over-year basis. Equities research analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.
Hedge Funds Weigh In On Plug Power
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power in the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in Plug Power during the 2nd quarter worth approximately $26,000. Aire Advisors LLC acquired a new stake in shares of Plug Power in the 2nd quarter valued at approximately $28,000. Madison Park Capital Advisors LLC acquired a new stake in shares of Plug Power in the 2nd quarter valued at approximately $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at approximately $29,000. Institutional investors and hedge funds own 43.48% of the company’s stock.
Plug Power Company Profile
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.
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