Plug Power (NASDAQ:PLUG) Sets New 1-Year Low After Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG)’s stock price reached a new 52-week low during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $1.10 to $0.80. Piper Sandler currently has an underweight rating on the stock. Plug Power traded as low as $0.72 and last traded at $0.73, with a volume of 53688505 shares changing hands. The stock had previously closed at $0.79.

A number of other research analysts have also issued reports on the stock. BMO Capital Markets lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Tuesday. Truist Financial lowered their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Roth Capital reiterated a “buy” rating on shares of Plug Power in a research note on Tuesday. Finally, Susquehanna lowered their target price on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $1.99.

Institutional Trading of Plug Power

Institutional investors have recently made changes to their positions in the business. Arkadios Wealth Advisors boosted its position in Plug Power by 88.0% in the fourth quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock valued at $132,000 after buying an additional 29,062 shares in the last quarter. ACT Wealth Management LLC boosted its position in Plug Power by 71.4% in the fourth quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock valued at $51,000 after buying an additional 10,000 shares in the last quarter. Sustainable Insight Capital Management LLC acquired a new position in Plug Power in the fourth quarter valued at about $79,000. PFG Investments LLC boosted its position in Plug Power by 16.8% in the fourth quarter. PFG Investments LLC now owns 467,836 shares of the electronics maker’s stock valued at $996,000 after buying an additional 67,251 shares in the last quarter. Finally, Swedbank AB boosted its position in Plug Power by 39.7% in the fourth quarter. Swedbank AB now owns 235,233 shares of the electronics maker’s stock valued at $501,000 after buying an additional 66,844 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Stock Performance

The stock has a market capitalization of $790.10 million, a price-to-earnings ratio of -0.36 and a beta of 2.19. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $1.13 and its 200 day simple moving average is $1.77.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

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.