Plug Power (NASDAQ:PLUG) Stock Price Down 3.1% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) was down 3.1% during trading on Friday 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 $1.90 and last traded at $1.91. Approximately 16,565,703 shares changed hands during trading, a decline of 60% from the average daily volume of 41,013,762 shares. The stock had previously closed at $1.97.

A number of other research analysts also recently commented on the stock. Evercore ISI reduced their price objective on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday. Truist Financial reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a "hold" rating on the stock in a research report on Monday, August 12th. Canaccord Genuity Group reduced their price target 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. Susquehanna reduced their price target on shares of Plug Power from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Monday, August 12th. Finally, Wells Fargo & Company reduced their price target 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. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Plug Power has a consensus rating of "Hold" and an average price target of $4.52.

Institutional Trading of Plug Power

Several institutional investors have recently made changes to their positions in the stock. Duff & Phelps Investment Management Co. boosted its stake in Plug Power by 31.7% during the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker's stock worth $170,000 after buying an additional 18,110 shares in the last quarter. Main Management ETF Advisors LLC acquired a new position in Plug Power during the 3rd quarter worth about $823,000. XTX Topco Ltd acquired a new position in Plug Power during the 3rd quarter worth about $2,174,000. Stifel Financial Corp lifted its position in Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker's stock worth $3,160,000 after buying an additional 265,514 shares in the last quarter. Finally, Millburn Ridgefield Corp raised its holdings in Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker's stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Price Performance

The stock has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $2.08 and a two-hundred day simple moving average of $2.40.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $173.70 million for the quarter, compared to the consensus estimate 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 for the quarter was down 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.47) earnings per share. Sell-side analysts expect 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.