Plug Power (NASDAQ:PLUG) Shares Down 1.7% - Here's What Happened

Key Points

• Plug Power shares fell 1.7% on Thursday, trading between $2.19 and $2.36, with a volume increase of 31% compared to its average daily volume.
• A variety of analysts have adjusted their price targets for Plug Power, with Jefferies increasing theirs from $0.90 to $1.60 while the average target price is now $1.88, indicating a generally cautious outlook.
• In its latest earnings report, Plug Power reported a loss of ($0.16) per share, missing expectations, but exceeded revenue guidance with $173.97 million in quarterly revenue.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) were down 1.7% on Thursday . The company traded as low as $2.19 and last traded at $2.36. Approximately 113,376,964 shares traded hands during mid-day trading, an increase of 31% from the average daily volume of 86,365,734 shares. The stock had previously closed at $2.40.

Wall Street Analyst Weigh In

A number of analysts recently commented on PLUG shares. Jefferies Financial Group upped their price objective on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Susquehanna raised their price objective on shares of Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday, July 21st. BMO Capital Markets dropped their price target on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a research report on Tuesday, August 12th. Wells Fargo & Company lifted their price target on shares of Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a research report on Thursday, August 14th. Finally, Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $1.88.

Plug Power Trading Down 1.7%

The firm's 50-day simple moving average is $1.68 and its 200 day simple moving average is $1.34. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -1.02 and a beta of 2.09. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. Equities analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Institutional Trading of Plug Power

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Plug Power by 4.5% during the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after acquiring an additional 3,930,342 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Plug Power by 14.9% during the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock valued at $35,872,000 after purchasing an additional 3,125,542 shares during the period. Heights Capital Management Inc. acquired a new position in shares of Plug Power during the first quarter valued at about $31,174,000. Legal & General Group Plc raised its holdings in shares of Plug Power by 59.9% during the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock valued at $25,301,000 after purchasing an additional 6,364,483 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Plug Power by 45.8% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,027,081 shares of the electronics maker's stock valued at $11,743,000 after purchasing an additional 2,521,348 shares during the period. Institutional investors 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.

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