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 $2.44, but opened at $2.36. Plug Power shares last traded at $2.23, with a volume of 11,475,044 shares changing hands.

Analysts Set New Price Targets

PLUG has been the topic of a number of research analyst reports. Jefferies Financial Group cut their target price 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. HC Wainwright reissued a "buy" rating and issued a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Susquehanna upped their price objective on Plug Power from $2.00 to $2.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. BTIG Research lowered Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Finally, Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $4.55.

Plug Power Stock Down 9.8 %

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 company has a market cap of $2.00 billion, a price-to-earnings ratio of -1.03 and a beta of 1.79. The firm's 50 day simple moving average is $2.35 and its 200-day simple moving average is $2.25.

Plug Power (NASDAQ:PLUG - Get Free Report) last released 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 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 quarter in the prior year, the company earned ($0.47) EPS. The business's revenue was down 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in the business. Nations Financial Group Inc. IA ADV boosted its stake in shares of Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker's stock worth $36,000 after buying an additional 4,700 shares during the period. Arkadios Wealth Advisors boosted its stake in shares of Plug Power by 18.2% during the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker's stock worth $75,000 after buying an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker's stock worth $1,817,000 after buying an additional 5,485 shares during the period. Catalyst Capital Advisors LLC boosted its stake in shares of Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker's stock worth $29,000 after buying an additional 5,631 shares during the period. Finally, Millburn Ridgefield Corp boosted its stake in shares of 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 buying an additional 5,631 shares during the period. 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.