Plug Power (NASDAQ:PLUG) Shares Down 8.5% on Disappointing Earnings

by · The Markets Daily

Shares of Plug Power Inc. (NASDAQ:PLUG – Get Free Report) were down 8.5% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $1.79 and last traded at $1.82. Approximately 35,896,563 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 40,634,707 shares. The stock had previously closed at $1.99.

The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 47.36%. The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter in the prior year, the company posted ($0.47) EPS. The company’s quarterly revenue was down 12.6% compared to the same quarter last year.

Analyst Ratings Changes

A number of brokerages recently issued reports on PLUG. Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday. Evercore ISI dropped their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.60.

Get Our Latest Stock Analysis on PLUG

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vontobel Holding Ltd. boosted its stake in Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Plug Power by 5.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after acquiring an additional 33,311 shares during the last quarter. Gabelli Funds LLC boosted its stake in Plug Power by 42.9% during the 1st 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. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Plug Power by 25.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after acquiring an additional 400,120 shares during the last quarter. Finally, Diversified Trust Co bought a new position in Plug Power during the 2nd quarter worth approximately $35,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Price Performance

The firm’s 50 day moving average is $2.06 and its two-hundred day moving average is $2.41. The firm has a market cap of $1.73 billion, a P/E ratio of -0.88 and a beta of 1.81. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

About Plug Power

(Get 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-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.

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