Plug Power (NASDAQ:PLUG) Trading Down 8.7% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) fell 8.7% during mid-day trading on Monday . The company traded as low as $3.32 and last traded at $3.45. 85,906,114 shares were traded during trading, a decline of 4% from the average session volume of 89,712,531 shares. The stock had previously closed at $3.78.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PLUG. Jefferies Financial Group lowered their target price on Plug Power from $2.00 to $1.80 and set a “hold” rating for the company in a research note on Monday, March 9th. Wells Fargo & Company increased their target price on Plug Power from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Plug Power in a research note on Tuesday, April 21st. Susquehanna increased their target price on Plug Power from $2.75 to $3.75 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Plug Power in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.37.

Plug Power Trading Down 8.7%

The company has a market cap of $4.81 billion, a price-to-earnings ratio of -2.61 and a beta of 2.06. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The firm has a fifty day moving average price of $2.74 and a 200 day moving average price of $2.39.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.21) EPS. As a group, equities analysts predict that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Plug Power by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock worth $3,520,000 after purchasing an additional 297,754 shares during the period. Focus Partners Wealth bought a new position in Plug Power during the first quarter worth $37,000. JPMorgan Chase & Co. boosted its position in Plug Power by 6.8% during the second quarter. JPMorgan Chase & Co. now owns 1,504,744 shares of the electronics maker’s stock worth $2,242,000 after purchasing an additional 95,876 shares during the period. Prudential Financial Inc. boosted its position in Plug Power by 87.2% during the second quarter. Prudential Financial Inc. now owns 111,945 shares of the electronics maker’s stock worth $167,000 after purchasing an additional 52,135 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Plug Power by 24.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 73,084 shares of the electronics maker’s stock worth $109,000 after purchasing an additional 14,471 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.