Plug Power Inc. (NASDAQ:PLUG – Get Free Report) was down 1% on Thursday . The stock traded as low as $1.89 and last traded at $1.92. Approximately 7,679,104 shares changed hands during trading, a decline of 80% from the average daily volume of 38,932,598 shares. The stock had previously closed at $1.94.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on PLUG shares. Piper Sandler decreased their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Craig Hallum decreased their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Susquehanna dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Royal Bank of Canada decreased their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Finally, Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. 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 given a strong buy rating to the company. According to MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus price target of $5.19.
Read Our Latest Stock Report on PLUG
Plug Power Price Performance
Plug Power (NASDAQ:PLUG – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The company had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same period last year, the business earned ($0.35) earnings per share. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. Research analysts predict that Plug Power Inc. will post -1.15 EPS for the current year.
Institutional Trading of Plug Power
Several hedge funds have recently bought and sold shares of PLUG. SteelPeak Wealth LLC bought a new stake in shares of Plug Power in the second quarter worth about $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power during the 2nd quarter worth approximately $26,000. Aire Advisors LLC bought a new position in shares of Plug Power during the 2nd quarter valued at approximately $28,000. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the second quarter valued at $29,000. Finally, Profund Advisors LLC bought a new stake in shares of Plug Power in the 2nd quarter worth about $29,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.
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.
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