Plug Power, Inc. (NASDAQ:PLUG) was down 8.8% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.14 and last traded at $2.17, with a volume of 10,947,573 shares traded. The stock had previously closed at $2.38.

The electronics maker reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.03. Plug Power had a negative return on equity of 68.47% and a negative net margin of 81.41%. The business had revenue of $22.60 million for the quarter, compared to analyst estimates of $28.58 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year.

PLUG has been the topic of a number of research reports. Cowen and Company set a $3.00 price objective on Plug Power and gave the company a “buy” rating in a research report on Monday, July 10th. ValuEngine cut Plug Power from a “hold” rating to a “sell” rating in a research report on Thursday, May 18th. BidaskClub cut Plug Power from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. FBR & Co restated an “outperform” rating and set a $3.00 price objective on shares of Plug Power in a research report on Tuesday, April 18th. Finally, Zacks Investment Research upgraded Plug Power from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Plug Power presently has a consensus rating of “Hold” and a consensus target price of $2.83.

A number of hedge funds have recently made changes to their positions in PLUG. Vanguard Group Inc. boosted its stake in shares of Plug Power by 10.2% in the first quarter. Vanguard Group Inc. now owns 7,988,456 shares of the electronics maker’s stock worth $11,024,000 after buying an additional 738,875 shares during the period. State Street Corp boosted its stake in shares of Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock worth $3,578,000 after buying an additional 199,300 shares during the period. Geode Capital Management LLC boosted its stake in shares of Plug Power by 30.4% in the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock worth $2,415,000 after buying an additional 407,653 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Plug Power by 58.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock worth $2,484,000 after buying an additional 448,639 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Plug Power by 20.4% in the second quarter. Bank of New York Mellon Corp now owns 942,878 shares of the electronics maker’s stock worth $1,923,000 after buying an additional 159,843 shares during the period. Hedge funds and other institutional investors own 17.54% of the company’s stock.

The company’s market cap is $484.89 million. The firm’s 50 day moving average price is $2.17 and its 200 day moving average price is $1.74.

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Plug Power Company Profile

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

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