Plug Power (NASDAQ:PLUG) Shares Gap Down to $2.52

Plug Power Inc. (NASDAQ:PLUG) gapped down before the market opened on Thursday . The stock had previously closed at $2.52, but opened at $2.40. Plug Power shares last traded at $2.58, with a volume of 13,902,200 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, March 4th. Piper Sandler boosted their price objective on Plug Power from $2.80 to $2.90 and gave the stock an “underweight” rating in a report on Tuesday, March 5th. HSBC dropped their target price on Plug Power from $9.00 to $8.50 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Marathon Capitl reiterated an “equal weight” rating on shares of Plug Power in a report on Tuesday, March 26th. Finally, Redburn Atlantic began coverage on Plug Power in a research note on Tuesday, February 6th. They set a “neutral” rating and a $4.50 price objective on the stock. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $6.05.

Plug Power Trading Up 9.9 %

The firm has a market capitalization of $1.93 billion, a P/E ratio of -1.17 and a beta of 1.64. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The stock has a 50-day simple moving average of $3.11 and a two-hundred day simple moving average of $3.87.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The company had revenue of $222.20 million for the quarter, compared to the consensus estimate of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. Plug Power’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.38) EPS. On average, equities research analysts anticipate that Plug Power Inc. will post -0.94 earnings per share for the current year.

Institutional Trading of Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Raymond James & Associates lifted its holdings in shares of Plug Power by 2.2% in the 3rd quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker’s stock valued at $634,000 after buying an additional 1,783 shares during the period. Financial Advocates Investment Management increased its stake in Plug Power by 10.6% during the 3rd quarter. Financial Advocates Investment Management now owns 20,840 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,992 shares in the last quarter. Principal Financial Group Inc. increased its stake in Plug Power by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 40,818 shares of the electronics maker’s stock worth $310,000 after buying an additional 2,124 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after buying an additional 2,280 shares in the last quarter. Finally, Byrne Asset Management LLC grew its position in shares of Plug Power by 17.1% in the third quarter. Byrne Asset Management LLC now owns 16,415 shares of the electronics maker’s stock valued at $125,000 after purchasing an additional 2,400 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.