Plug Power (NASDAQ:PLUG) Trading Down 5.8% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) shares fell 5.8% during mid-day trading on Friday after Susquehanna lowered their price target on the stock from $3.50 to $3.00. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $2.60 and last traded at $2.61. 6,106,292 shares traded hands during trading, a decline of 85% from the average session volume of 39,528,426 shares. The stock had previously closed at $2.77.

PLUG has been the topic of several other research reports. BMO Capital Markets cut Plug Power from a “market perform” rating to an “underperform” rating and cut their target price for the company from $3.50 to $2.50 in a research report on Wednesday, January 24th. Seaport Res Ptn cut shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Tuesday, February 6th. Craig Hallum reduced their price objective on Plug Power from $6.00 to $5.00 and set a “buy” rating for the company in a report on Monday, March 4th. Marathon Capitl reiterated an “equal weight” rating on shares of Plug Power in a research report on Tuesday, March 26th. Finally, Citigroup cut Plug Power from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $3.25 to $2.00 in a report on Friday, April 5th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average price target of $6.01.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently modified their holdings of PLUG. Raymond James & Associates lifted its stake in shares of Plug Power by 2.2% in the 3rd quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker’s stock valued at $634,000 after purchasing an additional 1,783 shares during the last quarter. Financial Advocates Investment Management raised its holdings in Plug Power by 10.6% in the third quarter. Financial Advocates Investment Management now owns 20,840 shares of the electronics maker’s stock valued at $158,000 after acquiring an additional 1,992 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Plug Power by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 40,818 shares of the electronics maker’s stock worth $310,000 after acquiring an additional 2,124 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after buying an additional 2,280 shares during the last quarter. Finally, Byrne Asset Management LLC lifted its stake in Plug Power by 17.1% during the third quarter. Byrne Asset Management LLC now owns 16,415 shares of the electronics maker’s stock worth $125,000 after purchasing an additional 2,400 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Trading Down 6.9 %

The firm has a market capitalization of $1.80 billion, a PE ratio of -1.14 and a beta of 1.64. The business’s 50-day moving average price is $3.09 and its 200-day moving average price is $3.87. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.85 and a quick ratio of 0.86.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The firm had revenue of $222.20 million during the quarter, compared to analysts’ expectations of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.38) earnings per share. As a group, analysts expect that Plug Power Inc. will post -0.94 earnings per share for the current fiscal 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.