Plug Power (NASDAQ:PLUG) Shares Down 2.2% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) fell 2.2% during mid-day trading on Tuesday . The company traded as low as $2.21 and last traded at $2.23. 13,154,299 shares were traded during trading, a decline of 70% from the average session volume of 43,475,258 shares. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PLUG shares. Canaccord Genuity Group reduced their target price on Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. BTIG Research lowered Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Jefferies Financial Group decreased their price objective on Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a report on Thursday, October 3rd. Piper Sandler cut their target price on Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a research note on Thursday, November 14th. Finally, HC Wainwright reissued a "buy" rating and set a $18.00 price target on shares of Plug Power in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $4.52.

Plug Power Trading Down 6.6 %

The firm has a market cap of $1.94 billion, a PE ratio of -1.00 and a beta of 1.76. The firm has a fifty day simple moving average of $2.21 and a two-hundred day simple moving average of $2.24. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

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Plug Power (NASDAQ:PLUG - Get Free Report) last announced 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). The business had revenue of $173.70 million during the quarter, compared to analysts' expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business's revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.47) EPS. Equities analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently modified their holdings of the stock. Aire Advisors LLC bought a new stake in Plug Power during the 2nd quarter valued at approximately $28,000. Profund Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at approximately $29,000. Prio Wealth Limited Partnership bought a new stake in shares of Plug Power during the third quarter valued at approximately $29,000. Catalyst Capital Advisors LLC grew 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 worth $29,000 after purchasing an additional 5,631 shares during the period. Finally, First Commonwealth Financial Corp PA purchased a new stake in Plug Power in the third quarter worth $29,000. Institutional investors own 43.48% of the company's stock.

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.