Plug Power (NASDAQ:PLUG) Shares Down 0.1% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) dropped 0.1% on Wednesday 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 $0.77 and last traded at $0.81. Approximately 71,936,579 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 56,955,821 shares. The stock had previously closed at $0.81.

PLUG has been the subject of a number of other research reports. Susquehanna dropped their target price on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating for the company in a research report on Monday, April 14th. BMO Capital Markets dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday, March 5th. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Morgan Stanley decreased their target price 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. Finally, Roth Capital restated a “buy” rating on shares of Plug Power in a report on Tuesday. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $1.99.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its position in Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after buying an additional 5,348 shares during the last quarter. Compagnie Lombard Odier SCmA raised its stake in shares of Plug Power by 12.8% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock valued at $104,000 after acquiring an additional 5,550 shares during the period. 49 Wealth Management LLC lifted its holdings in shares of Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after acquiring an additional 5,834 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of 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 period. Finally, Avantax Planning Partners Inc. increased its holdings in Plug Power by 54.0% in the 4th quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 6,561 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Trading Down 3.3%

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $1.17 and a 200-day simple moving average of $1.79. The company has a market cap of $803.30 million, a PE ratio of -0.37 and a beta of 2.19.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The business 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%. On average, analysts predict that Plug Power Inc. will post -1.21 EPS for the current fiscal 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.