Plug Power (NASDAQ:PLUG) Shares Down 2.6% - Here's Why

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) dropped 2.6% on Thursday . The stock traded as low as $2.55 and last traded at $2.64. Approximately 52,953,341 shares were traded during trading, a decline of 33% from the average daily volume of 78,753,039 shares. The stock had previously closed at $2.71.

Wall Street Analyst Weigh In

PLUG has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Susquehanna raised their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock a "neutral" rating in a report on Thursday. Jefferies Financial Group decreased their price objective on Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a report on Thursday, October 3rd. BTIG Research cut Plug Power from a "buy" rating to a "neutral" rating in a research note on Thursday, November 14th. Finally, Evercore ISI decreased their price target on Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Plug Power presently has a consensus rating of "Hold" and a consensus target price of $4.55.

Plug Power Stock Down 10.9 %

The firm has a market cap of $2.22 billion, a PE ratio of -1.14 and a beta of 1.79. The business has a 50-day moving average price of $2.34 and a two-hundred day moving average price of $2.25. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the business earned ($0.47) EPS. Plug Power's revenue for the quarter was down 12.6% on a year-over-year basis. On average, equities research analysts expect that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Profund Advisors LLC acquired a new position in shares of Plug Power during the 2nd quarter worth about $29,000. Prio Wealth Limited Partnership acquired a new position in Plug Power in the third quarter valued at approximately $29,000. Catalyst Capital Advisors LLC increased its stake in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker's stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. Millburn Ridgefield Corp raised its holdings in Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker's stock worth $29,000 after purchasing an additional 5,631 shares in the last quarter. Finally, First Commonwealth Financial Corp PA acquired a new stake in Plug Power during the third quarter worth approximately $29,000. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Company Profile

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.