Plug Power (NASDAQ:PLUG) Shares Gap Down to $2.52

Plug Power Inc. (NASDAQ:PLUG) gapped down prior to trading on Thursday . The stock had previously closed at $2.52, but opened at $2.40. Plug Power shares last traded at $2.58, with a volume of 13,902,200 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Redburn Atlantic assumed coverage on Plug Power in a report on Tuesday, February 6th. They issued a “neutral” rating and a $4.50 target price for the company. Roth Mkm raised Plug Power from a “neutral” rating to a “buy” rating and increased their price target for the company from $4.50 to $9.00 in a research report on Wednesday, January 31st. Seaport Res Ptn lowered Plug Power from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 6th. Evercore ISI lowered their target price on Plug Power from $9.00 to $6.00 and set an “outperform” rating on the stock in a research note on Monday, March 4th. Finally, Craig Hallum decreased their price target on Plug Power from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Plug Power 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 company has a 50 day simple moving average of $3.11 and a 200-day simple moving average of $3.87. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -1.17 and a beta of 1.64.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data 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). The business had revenue of $222.20 million during the quarter, compared to the consensus estimate of $234.21 million. Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned ($0.38) earnings per share. As a group, research analysts anticipate that Plug Power Inc. will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Millburn Ridgefield Corp acquired a new stake in shares of Plug Power during the third quarter valued at approximately $29,000. Mosley Wealth Management acquired a new stake in shares of Plug Power during the 1st quarter valued at $35,000. J.W. Cole Advisors Inc. purchased a new position in shares of Plug Power during the 1st quarter valued at $36,000. HBK Sorce Advisory LLC acquired a new position in shares of Plug Power in the first quarter worth $37,000. Finally, FAS Wealth Partners Inc. purchased a new stake in shares of Plug Power during the fourth quarter worth $45,000. 43.48% of the stock is owned by institutional investors.

About Plug Power

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.