Plug Power (NASDAQ:PLUG) Stock Price Down 4.3% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price traded down 4.3% during trading on Tuesday . The company traded as low as $2.10 and last traded at $2.11. 6,412,061 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 41,605,973 shares. The stock had previously closed at $2.20.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of recent analyst reports. Craig Hallum lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Thursday, November 14th. BTIG Research lowered shares of Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Wells Fargo & Company dropped their target price on shares of Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Thursday, November 14th. Royal Bank of Canada decreased their price target on Plug Power from $3.50 to $2.50 and set a "sector perform" rating on the stock in a research note on Monday, August 12th. Finally, Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Plug Power currently has a consensus rating of "Hold" and a consensus target price of $4.52.

Plug Power Stock Performance

The stock's 50-day moving average is $2.08 and its 200-day moving average is $2.38. 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 stock has a market cap of $1.89 billion, a price-to-earnings ratio of -0.97 and a beta of 1.81.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $207.25 million. During the same quarter last year, the business earned ($0.47) EPS. Plug Power's revenue for the quarter was down 12.6% compared to the same quarter last year. Analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PLUG. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the 2nd quarter worth $26,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power in the 2nd quarter worth about $26,000. Aire Advisors LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter worth about $29,000. Finally, Profund Advisors LLC acquired a new stake in Plug Power during the 2nd 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.