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Plug Power Inc. (NASDAQ:PLUG – Get Free Report)’s share price dropped 9% during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $1.10 to $0.80. Piper Sandler currently has an underweight rating on the stock. Plug Power traded as low as $0.71 and last traded at $0.72. Approximately 125,146,328 shares changed hands during trading, an increase of 119% from the average daily volume of 57,075,606 shares. The stock had previously closed at $0.79.
A number of other research firms have also issued reports on PLUG. Morgan Stanley reduced their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research note on Thursday, March 6th. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Plug Power in a report on Monday, March 24th. Truist Financial lowered their price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their price objective on shares of Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Tuesday. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $1.99.
View Our Latest Stock Analysis on Plug Power
Institutional Investors Weigh In On Plug Power
A number of hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its holdings in Plug Power by 27.1% during the first quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker’s stock valued at $349,000 after acquiring an additional 55,145 shares during the period. Amundi boosted its holdings in Plug Power by 1.7% during the first quarter. Amundi now owns 3,378,109 shares of the electronics maker’s stock valued at $4,560,000 after acquiring an additional 55,144 shares during the period. Heights Capital Management Inc. bought a new stake in Plug Power during the first quarter valued at about $31,174,000. Itau Unibanco Holding S.A. boosted its holdings in Plug Power by 96.6% in the 1st quarter. Itau Unibanco Holding S.A. now owns 93,431 shares of the electronics maker’s stock valued at $126,000 after purchasing an additional 45,913 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Plug Power by 4.9% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,289,252 shares of the electronics maker’s stock valued at $1,721,000 after purchasing an additional 60,230 shares during the period. 43.48% of the stock is currently owned by institutional investors.
Plug Power Trading Up 10.4%
The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $1.13 and its two-hundred day simple moving average is $1.77. The stock has a market capitalization of $790.10 million, a P/E ratio of -0.36 and a beta of 2.19.
Plug Power (NASDAQ:PLUG – Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. As a group, analysts forecast that Plug Power Inc. will post -1.21 earnings per share for the current year.
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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