Plug Power (NASDAQ:PLUG) Trading Down 6.9% Following Weak Earnings

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) fell 6.9% during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $0.85 and last traded at $0.84. 11,212,787 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 56,226,357 shares. The stock had previously closed at $0.90.

The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. BMO Capital Markets decreased their target price on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Truist Financial lowered their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a report on Wednesday, March 5th. Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Susquehanna decreased their price objective on Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley cut their price target on Plug Power from $1.75 to $1.60 and set an "underweight" rating on the stock in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $2.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Kieckhefer Group LLC bought a new position in shares of Plug Power during the 4th quarter worth about $138,000. Arkadios Wealth Advisors lifted its holdings in shares of Plug Power by 88.0% during the 4th quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker's stock worth $132,000 after acquiring an additional 29,062 shares during the period. ACT Wealth Management LLC lifted its holdings in shares of Plug Power by 71.4% during the 4th quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker's stock worth $51,000 after acquiring an additional 10,000 shares during the period. Sustainable Insight Capital Management LLC bought a new position in shares of Plug Power during the 4th quarter worth about $79,000. Finally, PFG Investments LLC lifted its holdings in shares of Plug Power by 16.8% during the 4th quarter. PFG Investments LLC now owns 467,836 shares of the electronics maker's stock worth $996,000 after acquiring an additional 67,251 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Stock Down 9.1%

The business's fifty day moving average price is $1.20 and its 200 day moving average price is $1.81. The company has a market capitalization of $839.81 million, a P/E ratio of -0.39 and a beta of 2.19. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

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.

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