Plug Power, Inc. (PLUG) Shares Gap Down After Earnings Miss

Shares of Plug Power, Inc. (NASDAQ:PLUG) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $2.14, but opened at $2.17. Plug Power shares last traded at $2.16, with a volume of 2,320,927 shares traded.

The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.03. The firm had revenue of $22.60 million during the quarter, compared to analysts’ expectations of $28.58 million. Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) earnings per share.

Several research analysts have issued reports on PLUG shares. Cowen and Company set a $3.00 target price on Plug Power and gave the stock a “buy” rating in a research report on Monday, July 10th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Plug Power in a research report on Monday, July 24th. Rodman & Renshaw reaffirmed a “buy” rating and set a $4.00 price objective on shares of Plug Power in a research report on Monday, July 24th. Zacks Investment Research raised Plug Power from a “hold” rating to a “buy” rating and set a $2.50 price objective on the stock in a research report on Friday, July 28th. Finally, BidaskClub raised Plug Power from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Plug Power currently has an average rating of “Hold” and a consensus price target of $2.83.

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Private Advisor Group LLC boosted its position in Plug Power by 160.9% in the first quarter. Private Advisor Group LLC now owns 51,318 shares of the electronics maker’s stock worth $115,000 after buying an additional 31,646 shares in the last quarter. State Street Corp boosted its position in Plug Power by 7.2% in the fourth quarter. State Street Corp now owns 2,984,022 shares of the electronics maker’s stock worth $3,578,000 after buying an additional 199,300 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Plug Power by 34.4% in the first quarter. Asset Management One Co. Ltd. now owns 286,299 shares of the electronics maker’s stock worth $395,000 after buying an additional 73,274 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Plug Power by 14.1% in the first quarter. Bank of New York Mellon Corp now owns 783,035 shares of the electronics maker’s stock worth $1,080,000 after buying an additional 96,793 shares in the last quarter. Finally, Teachers Advisors LLC boosted its position in Plug Power by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 385,028 shares of the electronics maker’s stock worth $462,000 after buying an additional 6,680 shares in the last quarter. 17.86% of the stock is currently owned by institutional investors.

The company has a 50-day moving average price of $2.15 and a 200-day moving average price of $1.81. The firm’s market cap is $476.43 million.

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About Plug Power

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

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