Plug Power (NASDAQ:PLUG) Stock Price Down 6.2%

Plug Power Inc. (NASDAQ:PLUG – Get Rating) shares dropped 6.2% during trading on Wednesday . The company traded as low as $8.25 and last traded at $8.26. Approximately 3,874,323 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 19,442,043 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Truist Financial lowered their target price on Plug Power from $11.00 to $9.00 in a research report on Thursday, May 11th. Royal Bank of Canada dropped their price target on shares of Plug Power from $17.00 to $12.00 in a research report on Wednesday, May 10th. Cowen dropped their price target on shares of Plug Power from $30.00 to $23.00 in a research report on Thursday, January 26th. Piper Sandler dropped their price target on shares of Plug Power from $10.00 to $8.00 in a research report on Monday. Finally, Morgan Stanley cut shares of Plug Power from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $35.00 to $15.00 in a research report on Monday, April 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.34.

Plug Power Stock Down 0.9 %

The stock’s 50 day simple moving average is $9.35 and its two-hundred day simple moving average is $12.91. The firm has a market cap of $5.03 billion, a P/E ratio of -6.30 and a beta of 1.75. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.39 and a quick ratio of 3.25.

Plug Power (NASDAQ:PLUG – Get Rating) last announced its earnings results on Tuesday, May 9th. The electronics maker reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.08). The business had revenue of $210.29 million for the quarter, compared to the consensus estimate of $207.67 million. Plug Power had a negative net margin of 100.41% and a negative return on equity of 18.72%. Plug Power’s revenue for the quarter was up 49.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.27) EPS. As a group, research analysts forecast that Plug Power Inc. will post -0.89 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Plug Power by 3.0% in the 1st quarter. BlackRock Inc. now owns 52,381,858 shares of the electronics maker’s stock worth $613,915,000 after purchasing an additional 1,534,756 shares during the period. Vanguard Group Inc. boosted its stake in shares of Plug Power by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 51,003,648 shares of the electronics maker’s stock worth $1,071,588,000 after acquiring an additional 712,632 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Plug Power by 0.3% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,273,417 shares of the electronics maker’s stock worth $202,445,000 after acquiring an additional 59,614 shares during the last quarter. Norges Bank purchased a new position in shares of Plug Power during the 4th quarter worth $211,176,000. Finally, State Street Corp boosted its stake in shares of Plug Power by 7.3% during the 1st quarter. State Street Corp now owns 15,402,314 shares of the electronics maker’s stock worth $180,514,000 after acquiring an additional 1,052,866 shares during the last quarter. Institutional investors own 52.07% of the company’s stock.

Plug Power Company Profile

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.