Plug Power (NASDAQ:PLUG) Shares Down 9% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) fell 9% during 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. 125,146,328 shares were traded during mid-day trading, an increase of 119% from the average session volume of 57,075,606 shares. The stock had previously closed at $0.79.

Other analysts also recently issued reports about the company. Wells Fargo & Company cut their target price on Plug Power from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Plug Power in a research note on Monday, March 24th. Canaccord Genuity Group cut their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Tuesday. Morgan Stanley cut their target price on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research note on Thursday, March 6th. Finally, BMO Capital Markets cut their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $1.99.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Pacific Sage Partners LLC purchased a new position in Plug Power during the 4th quarter valued at about $25,000. Oppenheimer & Co. Inc. purchased a new position in Plug Power during the 4th quarter valued at about $25,000. Jones Financial Companies Lllp boosted 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 valued at $25,000 after acquiring an additional 6,074 shares during the period. Miracle Mile Advisors LLC purchased a new position in Plug Power during the 1st quarter valued at about $26,000. Finally, Callan Family Office LLC purchased a new position in Plug Power during the 4th quarter valued at about $27,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Down 10.9%

The business has a fifty day moving average of $1.15 and a 200 day moving average of $1.78. The company has a market capitalization of $715.43 million, a PE ratio of -0.33 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.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Equities research analysts anticipate that Plug Power Inc. will post -1.21 EPS for the current year.

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.