Plug Power (NASDAQ:PLUG) Shares Down 5.8% on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG)’s share price fell 5.8% during mid-day trading on Friday after Susquehanna lowered their price target on the stock from $3.50 to $3.00. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $2.60 and last traded at $2.61. 6,106,292 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 39,528,426 shares. The stock had previously closed at $2.77.

A number of other analysts have also recently weighed in on PLUG. Craig Hallum dropped their price target on Plug Power from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. B. Riley decreased their target price on shares of Plug Power from $18.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. Redburn Atlantic initiated coverage on Plug Power in a report on Tuesday, February 6th. They set a “neutral” rating and a $4.50 target price on the stock. Marathon Capitl reaffirmed an “equal weight” rating on shares of Plug Power in a research note on Tuesday, March 26th. Finally, HSBC decreased their price target on shares of Plug Power from $9.00 to $8.50 and set a “buy” rating for the company in a report on Tuesday, March 5th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.01.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millburn Ridgefield Corp acquired a new stake in shares of Plug Power in the 3rd quarter valued at about $29,000. FAS Wealth Partners Inc. bought a new position in shares of Plug Power in the fourth quarter valued at approximately $45,000. Independent Advisor Alliance purchased a new position in Plug Power during the fourth quarter valued at approximately $45,000. Mosley Wealth Management purchased a new stake in shares of Plug Power in the first quarter worth $35,000. Finally, Signaturefd LLC raised its holdings in shares of Plug Power by 114.3% in the 3rd quarter. Signaturefd LLC now owns 10,256 shares of the electronics maker’s stock valued at $78,000 after acquiring an additional 5,471 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Stock Down 6.9 %

The company has a fifty day moving average price of $3.09 and a 200 day moving average price of $3.87. The company has a market cap of $1.80 billion, a PE ratio of -1.14 and a beta of 1.64. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.85 and a quick ratio of 0.86.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business had revenue of $222.20 million during the quarter, compared to the consensus estimate of $234.21 million. During the same quarter in the prior year, the business posted ($0.38) earnings per share. Plug Power’s quarterly revenue was up .7% compared to the same quarter last year. As a group, analysts anticipate that Plug Power Inc. will post -0.94 EPS for the current year.

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.