Plug Power (NASDAQ:PLUG) Stock Price Down 8.4% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG)’s stock price was down 8.4% during trading on Tuesday . The stock traded as low as $2.51 and last traded at $2.52. Approximately 96,486,881 shares traded hands during trading, an increase of 2% from the average daily volume of 94,736,484 shares. The stock had previously closed at $2.75.

Analyst Ratings Changes

Several equities analysts recently commented on PLUG shares. Evercore ISI upgraded shares of Plug Power to a “strong sell” rating in a report on Tuesday, July 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. Susquehanna upped their price target on shares of Plug Power from $1.80 to $3.50 and gave the company a “neutral” rating in a report on Monday, October 13th. HSBC set a $4.40 target price on Plug Power in a research note on Thursday, October 9th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $1.50 target price on shares of Plug Power in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average price target of $2.54.

Plug Power Stock Down 8.4%

The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The business has a 50-day moving average price of $2.53 and a 200-day moving average price of $1.69. The firm has a market cap of $2.91 billion, a P/E ratio of -1.09 and a beta of 2.23.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The firm had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. On average, equities analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC bought a new stake in Plug Power during the third quarter valued at about $27,000. Oak Thistle LLC bought a new stake in Plug Power during the third quarter valued at about $30,000. Simplicity Wealth LLC bought a new stake in Plug Power during the third quarter valued at about $32,000. Bouvel Investment Partners LLC bought a new stake in Plug Power during the third quarter valued at about $35,000. Finally, Ballentine Partners LLC bought a new stake in Plug Power during the third quarter valued at about $36,000. 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.