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

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $2.30, but opened at $2.23. Plug Power shares last traded at $2.19, with a volume of 6,469,251 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PLUG. Jefferies Financial Group reduced their price objective 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. Craig Hallum reduced their target price on Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a report on Thursday, November 14th. Canaccord Genuity Group lowered their price target on Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research report on Wednesday, November 13th. Susquehanna dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Monday, August 12th. Finally, Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a "hold" rating for the company in a research note on Monday, August 12th. Four investment 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 stock. According to MarketBeat.com, Plug Power presently has an average rating of "Hold" and an average price target of $4.52.

Plug Power Trading Down 6.5 %

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -1.01 and a beta of 1.76. The business's 50 day simple moving average is $2.10 and its 200 day simple moving average is $2.34. 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) EPS 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 for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the business posted ($0.47) EPS. The company's revenue for the quarter was down 12.6% on a year-over-year basis. On average, research analysts expect 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 made changes to their positions in the business. SteelPeak Wealth LLC acquired a new position in shares of Plug Power during the second quarter worth $26,000. Nations Financial Group Inc. IA ADV bought a new position in Plug Power during the second quarter worth $26,000. Aire Advisors LLC acquired a new position in Plug Power in the second quarter valued at $28,000. Madison Park Capital Advisors LLC acquired a new stake in Plug Power during the second quarter worth approximately $29,000. Finally, Profund Advisors LLC bought a new stake in Plug Power in the second 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.

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