Plug Power (NASDAQ:PLUG) Trading Down 4.2%

Plug Power Inc. (NASDAQ:PLUG) shares dropped 4.2% during trading on Tuesday . The stock traded as low as $2.69 and last traded at $2.73. Approximately 9,615,081 shares were traded during trading, a decline of 77% from the average daily volume of 41,403,902 shares. The stock had previously closed at $2.85.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several recent analyst reports. Piper Sandler increased their target price on Plug Power from $2.80 to $2.90 and gave the company an “underweight” rating in a research note on Tuesday, March 5th. Roth Mkm upgraded Plug Power from a “neutral” rating to a “buy” rating and increased their target price for the company from $4.50 to $9.00 in a research note on Wednesday, January 31st. Canaccord Genuity Group dropped their price target on Plug Power from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, March 4th. Truist Financial raised their price target on Plug Power from $3.00 to $4.00 and gave the stock a “hold” rating in a research note on Wednesday, February 28th. Finally, Redburn Atlantic began coverage on Plug Power in a research note on Tuesday, February 6th. They issued a “neutral” rating and a $4.50 price target on the stock. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.05.

Plug Power Trading Up 1.1 %

The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average of $3.49 and a 200 day moving average of $4.34.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The business had revenue of $222.20 million for the quarter, compared to the consensus estimate of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. Plug Power’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.38) earnings per share. As a group, analysts forecast that Plug Power Inc. will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Plug Power by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock valued at $242,943,000 after purchasing an additional 283,376 shares in the last quarter. BlackRock Inc. boosted its position in shares of Plug Power by 3.0% during the first quarter. BlackRock Inc. now owns 52,381,858 shares of the electronics maker’s stock valued at $613,915,000 after buying an additional 1,534,756 shares during the period. Morgan Stanley boosted its position in shares of Plug Power by 87.2% during the third quarter. Morgan Stanley now owns 22,285,344 shares of the electronics maker’s stock valued at $169,369,000 after buying an additional 10,378,912 shares during the period. Norges Bank bought a new stake in shares of Plug Power during the fourth quarter valued at approximately $97,800,000. Finally, State Street Corp raised its stake in shares of Plug Power by 4.7% during the second quarter. State Street Corp now owns 16,121,043 shares of the electronics maker’s stock valued at $167,498,000 after acquiring an additional 718,729 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

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.