Plug Power (NASDAQ:PLUG) stock price fell 3.7% after analyst downgrade

Shares of Plug Power Inc. (NASDAQ:PLUG – Get Free Report ) traded down 3.7% during trading on Thursday, after Jefferies Financial Group cut their price target for the stock from $2.20 to $2.00. Jefferies Financial Group currently has a hold rating on the stock. Plug Power traded as high as $2.06 and last traded at $2.08. About 7,152,008 shares traded hands during mid-day trading, down 82% from the average daily volume of 39,304,395 shares. Shares previously closed at $2.16.

Other equities analysts have also issued research reports on the stock. Canaccord Genuity Group cut their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Truist Financial cut their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Wells Fargo & Company cut their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Royal Bank of Canada reduced their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Finally, Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $5.01, based on data from MarketBeat.

Get the latest stock analysis on PLUG

Institutional inputs and outputs

Hedge funds have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its stake in Plug Power by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after purchasing an additional 33,311 shares during the period. Rafferty Asset Management LLC boosted its stake in shares of Plug Power by 69.5% in the fourth quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock valued at $1,618,000 after buying an additional 147,435 shares during the period. Gabelli Funds LLC boosted its position in shares of Plug Power by 42.9% in the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after acquiring an additional 75,000 shares during the last quarter. Diversified Trust Co bought a new position in shares of Plug Power in the second quarter valued at $35,000. Finally, Vanguard Group Inc. boosted its position in shares of Plug Power by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock worth $242,943,000 after purchasing an additional 283,376 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s shares.

Socket Power Trading Down 5.1%

The company has a fifty day simple moving average of $2.07 and a two hundred day simple moving average of $2.60. The company has a quick ratio of 0.91, a current ratio of 2.07, and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.80 billion, a P/E ratio of -0.86 and a beta of 1.79.

Plug Power (NASDAQ:PLUG – Get Your Free Report ) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company’s revenue fell 44.9% year over year. In the same quarter last year, the firm posted ($0.35) earnings per share. On average, sell-side analysts expect that Plug Power Inc. to post -1.15 earnings per share for the current year.

Plug Power Company Profile

(Get a free report)

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia and internationally. The company offers GenDrive, a hydrogen-powered proton exchange membrane (PEM) fuel cell system that provides power to electric material handling vehicles; GenSure, a stationary fuel cell solution that provides modular PEM fuel cell power to support backup power and grid support requirements in the telecom, transportation and utility sectors; ProGen, a fuel cell stack and motor technology used in fuel cell mobility and stationary systems and as motors in electric delivery vans; GenFuel, a liquid hydrogen fuel delivery, generation, storage and distribution system; GenCare, an Internet of Things-based on-site maintenance and service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and distribution products and ProGen fuel cell engines; and GenKey, an integrated turnkey solution for switching to fuel cell power.

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