Plug Power (NASDAQ:PLUG) Shares Gap Down to $2.71

Plug Power Inc. (NASDAQ:PLUG) gapped down prior to trading on Friday . The stock had previously closed at $2.71, but opened at $2.65. Plug Power shares last traded at $2.69, with a volume of 2,098,482 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PLUG shares. Truist Financial lifted their price objective on shares of Plug Power from $3.00 to $4.00 and gave the company a “hold” rating in a report on Wednesday, February 28th. Citigroup lowered Plug Power from a “neutral” rating to a “sell” rating and lowered their price target for the company from $3.25 to $2.00 in a report on Friday, April 5th. Craig Hallum reduced their price objective on Plug Power from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Roth Capital upgraded Plug Power from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Finally, Royal Bank of Canada cut their price target on Plug Power from $5.00 to $3.50 and set a “sector perform” rating on the stock in a research note on Wednesday, January 24th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.05.

Plug Power Price Performance

The stock has a 50-day moving average price of $3.42 and a two-hundred day moving average price of $4.28. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -1.12 and a beta of 1.54.

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

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently added to or reduced their stakes in the business. Natixis Advisors L.P. boosted its position in Plug Power by 0.9% in the 2nd quarter. Natixis Advisors L.P. now owns 79,424 shares of the electronics maker’s stock worth $1,316,000 after purchasing an additional 723 shares in the last quarter. US Bancorp DE raised its stake in shares of Plug Power by 7.9% during the 1st quarter. US Bancorp DE now owns 11,362 shares of the electronics maker’s stock worth $324,000 after buying an additional 833 shares during the period. Ethic Inc. lifted its position in shares of Plug Power by 8.2% during the 1st quarter. Ethic Inc. now owns 12,098 shares of the electronics maker’s stock valued at $346,000 after buying an additional 914 shares in the last quarter. Blair William & Co. IL grew its stake in Plug Power by 12.6% in the 1st quarter. Blair William & Co. IL now owns 8,328 shares of the electronics maker’s stock valued at $238,000 after acquiring an additional 934 shares during the period. Finally, Neuberger Berman Group LLC increased its holdings in Plug Power by 7.3% in the 1st quarter. Neuberger Berman Group LLC now owns 13,972 shares of the electronics maker’s stock worth $400,000 after acquiring an additional 946 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other 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.