Plug Power (NASDAQ:PLUG) Shares Gap Down to $3.38

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Shares of Plug Power Inc (NASDAQ:PLUG) gapped down before the market opened on Wednesday . The stock had previously closed at $3.36, but opened at $3.38. Plug Power shares last traded at $3.32, with a volume of 182,217 shares trading hands.

A number of brokerages have issued reports on PLUG. Cowen set a $3.00 price objective on Plug Power and gave the company a “buy” rating in a research note on Tuesday, September 17th. Zacks Investment Research cut shares of Plug Power from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. ValuEngine downgraded shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Tuesday. Roth Capital upgraded shares of Plug Power from a “neutral” rating to a “buy” rating and raised their price objective for the company from $3.00 to $6.00 in a research note on Monday, November 11th. Finally, B. Riley reiterated a “buy” rating and set a $6.00 target price (up from $3.50) on shares of Plug Power in a research note on Monday, November 25th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $4.50.

The firm has a market cap of $1.02 billion, a PE ratio of -9.21 and a beta of 1.66. The stock has a 50-day simple moving average of $3.16 and a two-hundred day simple moving average of $2.57.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, November 7th. The electronics maker reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The company had revenue of $56.38 million during the quarter, compared to the consensus estimate of $55.58 million. Plug Power had a negative return on equity of 6,429.00% and a negative net margin of 47.21%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Equities research analysts forecast that Plug Power Inc will post -0.35 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC increased its position in Plug Power by 55.1% during the second quarter. Private Advisor Group LLC now owns 15,850 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 5,633 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Plug Power by 35.6% during the third quarter. SG Americas Securities LLC now owns 17,101 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 4,494 shares during the last quarter. Fosun International Ltd purchased a new position in shares of Plug Power during the second quarter worth approximately $53,000. Alpine Woods Capital Investors LLC raised its stake in shares of Plug Power by 100.0% during the third quarter. Alpine Woods Capital Investors LLC now owns 40,000 shares of the electronics maker’s stock worth $105,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Plug Power by 99.0% during the third quarter. Squarepoint Ops LLC now owns 73,165 shares of the electronics maker’s stock worth $192,000 after purchasing an additional 36,405 shares during the period. Institutional investors and hedge funds own 32.17% of the company’s stock.

About Plug Power (NASDAQ:PLUG)

Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

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