Plug Power (NASDAQ:PLUG) Shares Down 2.6% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s stock price fell 2.6% during trading on Thursday . The stock traded as low as $2.55 and last traded at $2.64. 52,953,341 shares were traded during mid-day trading, a decline of 33% from the average session volume of 78,753,039 shares. The stock had previously closed at $2.71.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PLUG shares. Susquehanna increased their price objective on Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday. Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Craig Hallum lowered their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group dropped their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.55.

Plug Power Stock Performance

The business’s 50 day simple moving average is $2.32 and its two-hundred day simple moving average is $2.25. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $2.51 billion, a P/E ratio of -1.28 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) earnings per share. Sell-side analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its stake in Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Plug Power in the third quarter valued at $2,174,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in Plug Power by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after purchasing an additional 476,060 shares during the last quarter. Stifel Financial Corp lifted its position in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after purchasing an additional 265,514 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

About Plug Power

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.