Plug Power (NASDAQ:PLUG) Stock Price Down 3.7%

Shares of Plug Power Inc. (NASDAQ:PLUG) traded down 3.7% during mid-day trading on Tuesday . The company traded as low as $1.79 and last traded at $1.81. 11,102,574 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 39,236,090 shares. The stock had previously closed at $1.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Craig Hallum dropped their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Piper Sandler lowered their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Truist Financial lowered their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Royal Bank of Canada lowered their price objective on 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. Finally, B. Riley upgraded Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.19.

Plug Power Stock Performance

The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -0.75 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The firm has a 50 day moving average price of $2.37 and a 200-day moving average price of $2.85.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data 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 company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm’s revenue was down 44.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.35) earnings per share. As a group, sell-side analysts expect that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the business. Independent Advisor Alliance acquired a new stake in Plug Power in the fourth quarter valued at $45,000. Mosley Wealth Management acquired a new stake in Plug Power in the first quarter valued at $35,000. J.W. Cole Advisors Inc. acquired a new stake in Plug Power in the first quarter valued at $36,000. HighPoint Advisor Group LLC acquired a new stake in Plug Power in the fourth quarter valued at $48,000. Finally, HBK Sorce Advisory LLC acquired a new stake in Plug Power in the first quarter valued at $37,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.