Plug Power (NASDAQ:PLUG) Stock Price Down 0.5%

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 0.5% during mid-day trading on Wednesday . The stock traded as low as $2.05 and last traded at $2.08. Approximately 6,137,137 shares traded hands during trading, a decline of 84% from the average daily volume of 38,825,238 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

PLUG has been the topic of a number of analyst reports. Canaccord Genuity Group reduced their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Royal Bank of Canada reduced their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Susquehanna dropped their target price 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. Craig Hallum reduced 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, Wells Fargo & Company cut their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Four investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.19.

Plug Power Stock Performance

The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.53 billion, a PE ratio of -0.89 and a beta of 1.79. The company has a 50-day moving average price of $2.22 and a two-hundred day moving average price of $2.71.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company’s quarterly revenue was down 44.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) earnings per share. 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 have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC purchased a new position in Plug Power in the second quarter worth $26,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Plug Power during the 2nd quarter valued at about $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC bought a new stake in Plug Power in the 2nd quarter worth approximately $29,000. Finally, Profund Advisors LLC purchased a new stake in Plug Power in the second quarter worth approximately $29,000. 43.48% of the stock is currently owned by 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.