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

Plug Power Inc. (NASDAQ:PLUG)’s stock price 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 changing hands.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PLUG. Canaccord Genuity Group cut their target price on Plug Power from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Monday, March 4th. Truist Financial raised their price target on Plug Power from $3.00 to $4.00 and gave the stock a “hold” rating in a research report on Wednesday, February 28th. Citigroup lowered Plug Power from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.25 to $2.00 in a research report on Friday, April 5th. BMO Capital Markets lowered Plug Power from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $3.50 to $2.50 in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada dropped their price target on Plug Power from $5.00 to $3.50 and set a “sector perform” rating on the stock in a research report on Wednesday, January 24th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $6.05.

Plug Power Price Performance

The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average price of $3.46 and a two-hundred day moving average price of $4.32.

Plug Power (NASDAQ:PLUG) last announced 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 net margin of 153.57% and a negative return on equity of 38.09%. The business had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $234.21 million. During the same quarter in the prior year, the firm earned ($0.38) EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that Plug Power Inc. will post -0.95 earnings per share for the current year.

Institutional Trading of Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in PLUG. SG Americas Securities LLC lifted its position in Plug Power by 183.6% in the 4th quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock valued at $7,453,000 after acquiring an additional 1,072,344 shares in the last quarter. UniSuper Management Pty Ltd lifted its position in Plug Power by 78.5% in the 3rd quarter. UniSuper Management Pty Ltd now owns 2,064,304 shares of the electronics maker’s stock valued at $15,689,000 after acquiring an additional 907,604 shares in the last quarter. Gabelli Funds LLC lifted its position in Plug Power by 9.4% in the 3rd quarter. Gabelli Funds LLC now owns 87,500 shares of the electronics maker’s stock valued at $665,000 after acquiring an additional 7,500 shares in the last quarter. Compagnie Lombard Odier SCmA lifted its position in Plug Power by 21.0% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 36,250 shares of the electronics maker’s stock valued at $163,000 after acquiring an additional 6,300 shares in the last quarter. Finally, New York Life Investment Management LLC lifted its position in Plug Power by 109.7% in the 3rd quarter. New York Life Investment Management LLC now owns 58,895 shares of the electronics maker’s stock valued at $448,000 after acquiring an additional 30,807 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.