Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $2.51, but opened at $2.39. Plug Power shares last traded at $2.51, with a volume of 8,924,777 shares traded.
Analysts Set New Price Targets
Several research analysts have weighed in on PLUG shares. Craig Hallum lowered their price objective on Plug Power from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company lowered their price objective on Plug Power from $4.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group reduced their target price on Plug Power from $3.00 to $2.50 and set a "hold" rating on the stock in a report on Monday, August 12th. Piper Sandler decreased their price target on Plug Power from $2.50 to $2.40 and set an "underweight" rating on the stock in a research report on Monday, July 22nd. Finally, Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a research report on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.01.
Read Our Latest Research Report on PLUG
Plug Power Stock Performance
The company has a fifty day moving average price of $2.04 and a two-hundred day moving average price of $2.43. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The company has a market capitalization of $2.22 billion, a P/E ratio of -1.08 and a beta of 1.81.
Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. Plug Power's revenue was down 44.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.35) earnings per share. Equities analysts forecast that Plug Power Inc. will post -1.16 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Plug Power
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pitcairn Co. lifted its stake in shares of Plug Power by 27.1% in the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker's stock worth $67,000 after acquiring an additional 4,169 shares during the period. Nations Financial Group Inc. IA ADV lifted its stake in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker's stock valued at $36,000 after buying an additional 4,700 shares during the period. Arkadios Wealth Advisors lifted its stake in Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker's stock valued at $75,000 after buying an additional 5,075 shares during the period. Catalyst Capital Advisors LLC lifted 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 buying an additional 5,631 shares during the period. Finally, Amalgamated Bank lifted its stake in Plug Power by 36.6% in the third quarter. Amalgamated Bank now owns 25,444 shares of the electronics maker's stock valued at $58,000 after buying an additional 6,822 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.
About Plug Power
(
Get Free Report)
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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