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

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 0.1% during mid-day trading 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. 71,936,579 shares changed hands during trading, an increase of 26% from the average session volume of 56,955,821 shares. The stock had previously closed at $0.81.

Several other analysts have also recently weighed in on PLUG. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Susquehanna lowered their target price on Plug Power from $1.80 to $1.25 and set a “neutral” rating for the company in a research note on Monday, April 14th. StockNews.com raised Plug Power to a “sell” rating in a research note on Tuesday. Canaccord Genuity Group decreased their price objective on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Roth Capital restated a “buy” rating on shares of Plug Power in a report on Tuesday. Five 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $1.99.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PLUG. Pacific Sage Partners LLC bought a new position in shares of Plug Power in the 4th quarter worth approximately $25,000. Oppenheimer & Co. Inc. bought a new position in Plug Power in the fourth quarter worth approximately $25,000. Jones Financial Companies Lllp raised its position in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 6,074 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of Plug Power during the 1st quarter worth $26,000. Finally, Callan Family Office LLC purchased a new position in shares of Plug Power during the 4th quarter worth $27,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a market cap of $803.30 million, a P/E ratio of -0.37 and a beta of 2.19. The business’s 50-day moving average price is $1.17 and its 200-day moving average price is $1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. As a group, sell-side analysts expect that Plug Power Inc. will post -1.21 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.