Plug Power (NASDAQ:PLUG) Reaches New 12-Month Low at $1.71

Shares of Plug Power Inc. (NASDAQ:PLUG) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $1.71 and last traded at $1.78, with a volume of 3024489 shares traded. The stock had previously closed at $1.75.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several recent analyst reports. Truist Financial cut their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Susquehanna cut their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Royal Bank of Canada decreased their target price on 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. Craig Hallum cut their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.19.

Plug Power Stock Down 1.7 %

The business has a 50 day simple moving average of $2.33 and a 200 day simple moving average of $2.82. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -0.71 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. Plug Power’s revenue was down 44.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) EPS. As a group, equities analysts predict that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power during the second quarter worth $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in Plug Power in the 2nd quarter valued at about $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC acquired a new position in shares of Plug Power during the second quarter worth about $29,000. Finally, Profund Advisors LLC purchased a new stake in shares of Plug Power during the second quarter worth approximately $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.