Plug Power (NASDAQ:PLUG) Shares Gap Down – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) gapped down prior to trading on Tuesday . The stock had previously closed at $2.44, but opened at $2.36. Plug Power shares last traded at $2.23, with a volume of 11,475,044 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on PLUG shares. Craig Hallum dropped their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Jefferies Financial Group dropped their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Canaccord Genuity Group dropped their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Piper Sandler lowered their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a sell rating, eleven have given 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, Plug Power has an average rating of “Hold” and an average target price of $4.55.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business has a 50-day moving average of $2.36 and a 200-day moving average of $2.25. The company has a market capitalization of $1.90 billion, a P/E ratio of -0.98 and a beta of 1.79.

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

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently made changes to their positions in the company. Abel Hall LLC purchased a new position in shares of Plug Power during the fourth quarter valued at $31,000. Swedbank AB boosted its position in Plug Power by 39.7% during the fourth quarter. Swedbank AB now owns 235,233 shares of the electronics maker’s stock valued at $501,000 after purchasing an additional 66,844 shares in the last quarter. PFG Investments LLC boosted its position in Plug Power by 16.8% during the fourth quarter. PFG Investments LLC now owns 467,836 shares of the electronics maker’s stock valued at $996,000 after purchasing an additional 67,251 shares in the last quarter. Sustainable Insight Capital Management LLC bought a new stake in Plug Power during the fourth quarter valued at about $79,000. Finally, ACT Wealth Management LLC boosted its position in Plug Power by 71.4% during the fourth quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock valued at $51,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.