Plug Power (NASDAQ:PLUG) Trading Down 2.2% – What’s Next?

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 2.2% during mid-day trading on Tuesday . The company traded as low as $2.21 and last traded at $2.23. Approximately 13,154,299 shares traded hands during trading, a decline of 70% from the average daily volume of 43,475,258 shares. The stock had previously closed at $2.28.

Analysts Set New Price Targets

PLUG has been the topic of a number of research reports. Piper Sandler cut their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Evercore ISI lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. Four equities research 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 company’s stock. According to MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $4.52.

Plug Power Trading Down 6.6 %

The business has a 50 day moving average of $2.21 and a two-hundred day moving average of $2.24. The firm has a market cap of $1.94 billion, a P/E ratio of -1.00 and a beta of 1.76. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data 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 company had revenue of $173.70 million during 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 revenue for the quarter 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. Analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in PLUG. Aire Advisors LLC acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $28,000. Profund Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at $29,000. Prio Wealth Limited Partnership acquired a new stake in shares of Plug Power during the 3rd quarter worth $29,000. Catalyst Capital Advisors LLC increased its position in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the period. Finally, Millburn Ridgefield Corp raised its stake in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. Institutional investors and hedge funds 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.