Plug Power (NASDAQ:PLUG) Stock Price Down 10% – What’s Next?

Plug Power, Inc. (NASDAQ:PLUG)’s share price fell 10% during trading on Friday . The stock traded as low as $2.24 and last traded at $2.24. 79,870,296 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 95,973,641 shares. The stock had previously closed at $2.49.

Analysts Set New Price Targets

PLUG has been the subject of several research analyst reports. Wall Street Zen upgraded Plug Power from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Jefferies Financial Group boosted their price objective on shares of Plug Power from $0.90 to $1.60 and gave the company a “hold” rating in a research report on Wednesday, July 23rd. HSBC set a $4.40 target price on shares of Plug Power in a research report on Thursday, October 9th. BMO Capital Markets lowered their price target on Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a report on Tuesday, August 12th. Finally, Susquehanna raised their price objective on Plug Power from $1.80 to $3.50 and gave the stock a “neutral” rating in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and an average price target of $2.50.

Plug Power Stock Performance

The stock has a market cap of $2.59 billion, a PE ratio of -0.97 and a beta of 2.28. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The business’s 50-day moving average price is $2.70 and its 200-day moving average price is $1.78.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The business had revenue of $177.06 million for the quarter, compared to the consensus estimate of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $2.92, for a total value of $29,200.00. Following the completion of the transaction, the executive vice president directly owned 467,583 shares of the company’s stock, valued at approximately $1,365,342.36. The trade was a 2.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

A number of hedge funds have recently added to or reduced their stakes in the company. Kovack Advisors Inc. acquired a new position in shares of Plug Power in the third quarter worth about $26,000. Yousif Capital Management LLC acquired a new position in Plug Power in the 3rd quarter worth about $27,000. Prakash Investment Advisors LLC purchased a new position in Plug Power during the third quarter worth approximately $27,000. Prime Capital Investment Advisors LLC purchased a new position in Plug Power during the third quarter worth approximately $30,000. Finally, Oak Thistle LLC acquired a new stake in Plug Power in the third quarter valued at approximately $30,000. 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.