Shares of Plug Power Inc. (NASDAQ:PLUG) tumbled -6.54% in morning trade Thursday. On August 8, 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, reported 2Q loss. The company stated a loss of $42.6 million in its second quarter.
The Latham, New York-based Company said it had a loss of 19 cents per share. Losses, adjusted for non-recurring costs, came to 10 cents per share. The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share. The alternative energy company posted revenue of $22.6 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks predictable $28.5 million.
Soon after the company reported 2Q loss, the stock plunged almost 8% and becomes volume active. The stock continued to decline for the past three consecutive days but today’s pre-market data shows that the stock is in recovery mode and added almost +0.07 points to the stock price till now.
The stock attained the volume of 6287722 shares contrast to its average daily volume of 5.58M shares. Trading volume is an important technical indicator a shareholder uses to confirm a trend or trend reversal. It is generally higher when the price of a security is changing, as the strength of any given price movement is measured mainly by the volume and shifts in trade volume can make observed price movements more significant. News about a company’s financial status, products, or plans, whether positive or negative, will typically result in a temporary increase in the trade volume of its stock. Higher volume for a stock is also an indicator of higher liquidity in the market. For institutional shareholders who wish to sell a large number of shares of a certain stock, lower liquidity will force them to sell the stock slowly over a longer period of time, to avoid losses because of slippage. The stock, as of recent close, has shown weekly downbeat performance of -11.10% which was maintained at -2.910% in 1-month period, and is up 66.67% in this year. The company now has a market value of $446.94M.
The stock, after recent close, is -6.266% below their SMA 50 and -10.27% from SMA20 and is 21.30% above than SMA200. 18.19% shares of the company were owned by institutional investors. The company has 5.21 value in price to sale ratio while price to book ratio was recorded as 6.25. It beta stands at 1.78.
The average 12 month target price among brokers that have covered the stock in the last year is $2.93. Analyst mean recommendation for this stock stands at 2.298. Analyst recommendations as stated on FINVIZ are rated on a 1 to 5 scale. 1 is equivalent to a buy rating, 3 a hold rating, and 5 a sell rating. The consensus recommendation is the average rating on a stock by the analyst community.