Plug Power, Inc. (NASDAQ:PLUG)’s share price traded down 8.8% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.14 and last traded at $2.17, with a volume of 10,947,573 shares changing hands. The stock had previously closed at $2.38.

The electronics maker reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.03. The business had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. Plug Power had a negative return on equity of 68.47% and a negative net margin of 81.41%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period last year, the firm earned ($0.04) earnings per share.

PLUG has been the subject of several recent analyst reports. HC Wainwright set a $4.00 target price on shares of Plug Power and gave the company a “buy” rating in a research note on Wednesday. BidaskClub downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research raised shares of Plug Power from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a research note on Friday, July 28th. FBR & Co reaffirmed an “outperform” rating and issued a $3.50 target price (up previously from $3.00) on shares of Plug Power in a research note on Tuesday, July 25th. Finally, Rodman & Renshaw reaffirmed a “buy” rating and issued a $4.00 target price on shares of Plug Power in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Plug Power currently has a consensus rating of “Hold” and a consensus target price of $2.83.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Plug Power by 10.2% in the first quarter. Vanguard Group Inc. now owns 7,988,456 shares of the electronics maker’s stock valued at $11,024,000 after buying an additional 738,875 shares during the last quarter. State Street Corp increased its stake in shares of Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock valued at $3,578,000 after buying an additional 199,300 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Plug Power by 30.4% in the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock valued at $2,415,000 after buying an additional 407,653 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Plug Power by 58.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock valued at $2,484,000 after buying an additional 448,639 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Plug Power by 20.4% in the second quarter. Bank of New York Mellon Corp now owns 942,878 shares of the electronics maker’s stock valued at $1,923,000 after buying an additional 159,843 shares during the last quarter. 17.54% of the stock is owned by hedge funds and other institutional investors.

The stock’s market capitalization is $478.19 million. The company’s 50 day moving average is $2.17 and its 200 day moving average is $1.74.

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About Plug Power

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

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