Plug Power (NASDAQ:PLUG) Shares Down 9.2% on Disappointing Earnings

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 9.2% during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $0.81 and last traded at $0.82. Approximately 74,780,859 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 75,303,727 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 net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million.

Analysts Set New Price Targets

PLUG has been the subject of several analyst reports. Canaccord Genuity Group decreased their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research report on Tuesday. Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. StockNews.com raised shares of Plug Power to a “sell” rating in a research report on Tuesday. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Plug Power in a research report on Monday, March 24th. Finally, Morgan Stanley decreased their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research report on Thursday, March 6th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average price target of $2.08.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PLUG. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power during the 4th quarter worth approximately $25,000. Pacific Sage Partners LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at about $25,000. Jones Financial Companies Lllp raised its holdings in Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 6,074 shares during the last quarter. Callan Family Office LLC acquired a new position in Plug Power in the fourth quarter valued at $27,000. Finally, Ground Swell Capital LLC bought a new stake in shares of Plug Power during the 4th quarter valued at about $27,000. 43.48% of the stock is owned by institutional investors.

Plug Power Trading Down 10.2%

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 company has a market cap of $830.30 million, a price-to-earnings ratio of -0.38 and a beta of 2.19. The firm’s 50-day moving average price is $1.19 and its 200 day moving average price is $1.80.

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.