Plug Power (NASDAQ:PLUG) Stock Price Down 4.1% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG)’s share price dropped 4.1% during mid-day trading on Friday . The stock traded as low as $3.85 and last traded at $3.95. Approximately 67,652,281 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 89,301,969 shares. The stock had previously closed at $4.12.

Analyst Ratings Changes

PLUG has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Plug Power in a report on Tuesday, April 21st. Wells Fargo & Company boosted their price target on shares of Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. Jefferies Financial Group lowered their price target on shares of Plug Power from $2.00 to $1.80 and set a “hold” rating on the stock in a report on Monday, March 9th. BMO Capital Markets boosted their price target on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a report on Tuesday, May 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Plug Power in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus target price of $3.42.

Plug Power Trading Down 4.1%

The company’s 50-day moving average is $3.05 and its 200-day moving average is $2.47. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of -2.99 and a beta of 2.06. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The business had revenue of $163.51 million for the quarter, compared to the consensus estimate of $139.87 million. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The firm’s quarterly revenue was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.21) EPS. On average, research analysts predict that Plug Power, Inc. will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Kovack Advisors Inc. acquired a new position in Plug Power during the 3rd quarter valued at about $26,000. Prakash Investment Advisors LLC acquired a new position in Plug Power during the 3rd quarter valued at about $27,000. Prime Capital Investment Advisors LLC acquired a new position in Plug Power during the 3rd quarter valued at about $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Plug Power by 116.7% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock valued at $26,000 after purchasing an additional 7,000 shares during the period. Finally, Kestra Private Wealth Services LLC acquired a new position in Plug Power during the 3rd quarter valued at about $32,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.