Plug Power (NASDAQ:PLUG) Trading Down 6.4% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price was down 6.4% during trading on Friday . The stock traded as low as $2.46 and last traded at $2.57. Approximately 48,834,594 shares changed hands during trading, a decline of 38% from the average daily volume of 79,025,305 shares. The stock had previously closed at $2.74.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wells Fargo & Company decreased their price target on Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a report on Thursday, November 14th. Evercore ISI decreased their target price on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, November 13th. BTIG Research downgraded shares of Plug Power from a "buy" rating to a "neutral" rating in a research note on Thursday, November 14th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating for the company in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Four equities research 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's stock. According to MarketBeat.com, Plug Power has an average rating of "Hold" and an average price target of $4.55.

Plug Power Trading Down 10.9 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm's 50 day moving average is $2.34 and its two-hundred day moving average is $2.25. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm'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 company posted ($0.47) earnings per share. Equities analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently added to or reduced their stakes in PLUG. Profund Advisors LLC acquired a new stake in shares of Plug Power in the 2nd quarter worth about $29,000. Prio Wealth Limited Partnership bought a new position in Plug Power in the 3rd quarter worth about $29,000. Catalyst Capital Advisors LLC increased its stake in shares of Plug Power by 79.9% in the third 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 period. First Commonwealth Financial Corp PA bought a new stake in shares of Plug Power during the third quarter valued at approximately $29,000. Finally, Millburn Ridgefield Corp boosted its position 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. 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.