Plug Power (NASDAQ:PLUG) Stock Price Down 4.6% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price was down 4.6% during trading on Monday . The stock traded as low as $1.65 and last traded at $1.76. Approximately 36,698,548 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 72,595,031 shares. The stock had previously closed at $1.84.

Analysts Set New Price Targets

A number of brokerages have commented on PLUG. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Wells Fargo & Company decreased their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Evercore ISI lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Susquehanna boosted their target price on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Finally, StockNews.com raised shares of Plug Power to a “sell” rating in a report on Monday. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.12.

Plug Power Stock Up 1.9 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -0.77 and a beta of 1.79. The stock has a 50 day moving average of $2.31 and a 200 day moving average of $2.16.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.47) EPS. As a group, analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the business. Pacific Sage Partners LLC bought a new position in shares of Plug Power in the 4th quarter worth about $25,000. Oppenheimer & Co. Inc. bought a new position in Plug Power in the fourth quarter worth about $25,000. Jones Financial Companies Lllp lifted its holdings in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 6,074 shares during the last quarter. Callan Family Office LLC acquired a new position in Plug Power in the fourth quarter valued at approximately $27,000. Finally, Prio Wealth Limited Partnership bought a new position in shares of Plug Power during the third 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.