Plug Power (NASDAQ:PLUG) Stock Price Down 6.6% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price dropped 6.6% on Wednesday . The company traded as low as $2.12 and last traded at $2.13. Approximately 51,510,641 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 43,635,922 shares. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLUG. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Piper Sandler cut their price target on shares of Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a report on Thursday, November 14th. Wells Fargo & Company decreased their price objective on shares of Plug Power from $3.00 to $2.00 and set an "equal weight" rating on the stock in a report on Thursday, November 14th. Evercore ISI dropped their target price on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, November 13th. Finally, Craig Hallum reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $4.52.

Plug Power Trading Down 6.6 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -1.00 and a beta of 1.76. The business's 50-day moving average price is $2.20 and its two-hundred day moving average price is $2.23.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter last year, the firm posted ($0.47) earnings per share. The company's revenue was down 12.6% on a year-over-year basis. Equities analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Trading of Plug Power

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker's stock worth $43,388,000 after buying an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker's stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. Vontobel Holding Ltd. lifted its stake in shares of Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker's stock valued at $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker's stock worth $5,896,000 after purchasing an additional 1,036,777 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Plug Power during the 3rd quarter worth approximately $2,174,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.