Plug Power (NASDAQ:PLUG) Shares Down 4.9% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) was down 4.9% during trading on Monday . The stock traded as low as $2.63 and last traded at $2.73. Approximately 29,198,412 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 82,375,547 shares. The stock had previously closed at $2.87.

Analyst Ratings Changes

A number of research analysts have weighed in on PLUG shares. HC Wainwright reaffirmed a "buy" rating and set a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. BTIG Research cut shares of Plug Power from a "buy" rating to a "neutral" rating in a research note on Thursday, November 14th. Piper Sandler decreased their price target on shares of Plug Power from $1.60 to $1.40 and set an "underweight" rating on the stock in a report on Thursday, November 14th. Jefferies Financial Group dropped their price target 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. Finally, Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Plug Power presently has an average rating of "Hold" and a consensus price target of $4.52.

Plug Power Stock Performance

The business has a fifty day moving average of $2.30 and a 200-day moving average of $2.24. The company has a market cap of $2.47 billion, a PE ratio of -1.27 and a beta of 1.79. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its 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). The business had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power's revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.47) EPS. Equities research analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in the company. Nations Financial Group Inc. IA ADV lifted its position in 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 valued at $36,000 after buying an additional 4,700 shares during the period. Arkadios Wealth Advisors grew its stake in shares of Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker's stock worth $75,000 after acquiring an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker's stock worth $1,817,000 after purchasing an additional 5,485 shares in the last quarter. Catalyst Capital Advisors LLC grew its position in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker's stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. Finally, Millburn Ridgefield Corp increased its stake in Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker's stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

About Plug Power

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.