Plug Power (NASDAQ:PLUG) Stock Price Down 4.6% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares dropped 4.6% during mid-day trading on Thursday after Craig Hallum lowered their price target on the stock from $4.00 to $3.00. Craig Hallum currently has a buy rating on the stock. Plug Power traded as low as $1.87 and last traded at $1.88. Approximately 19,712,677 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 40,832,223 shares. The stock had previously closed at $1.97.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an "equal weight" rating on the stock in a research report on Thursday. Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a report on Thursday, October 3rd. Susquehanna cut their price target on shares of Plug Power from $3.00 to $2.00 and set a "neutral" rating on the stock in a report on Monday, August 12th. Evercore ISI lowered their price objective on Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday. Finally, Royal Bank of Canada decreased their target price on Plug Power from $3.50 to $2.50 and set a "sector perform" rating on the stock in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $4.60.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. HBK Sorce Advisory LLC purchased a new position in shares of Plug Power in the 1st quarter valued at about $37,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power in the 2nd quarter valued at about $26,000. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at about $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at about $28,000. Finally, Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at about $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Price Performance

The firm has a 50 day moving average price of $2.07 and a 200-day moving average price of $2.41. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.73 billion, a PE ratio of -0.92 and a beta of 1.81.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts' expectations of $207.25 million. Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. Plug Power's revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.47) EPS. Research analysts forecast that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

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.