Plug Power (NASDAQ:PLUG) Trading Down 6.1% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares traded down 6.1% during mid-day trading on Monday . The stock traded as low as $0.82 and last traded at $0.83. 54,239,621 shares were traded during trading, a decline of 15% from the average session volume of 63,465,438 shares. The stock had previously closed at $0.88.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Jefferies Financial Group cut their target price on shares of Plug Power from $1.70 to $0.90 and set a “hold” rating for the company in a research note on Tuesday, May 20th. UBS Group cut their price objective on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research note on Friday, March 21st. Piper Sandler reduced their target price on Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a report on Wednesday, May 14th. Susquehanna dropped their price target on Plug Power from $1.80 to $1.25 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Plug Power in a report on Monday, March 24th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $1.83.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market cap of $982.16 million, a price-to-earnings ratio of -0.43 and a beta of 2.19. The firm has a 50 day simple moving average of $0.95 and a 200-day simple moving average of $1.67.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The business had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. As a group, analysts predict that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling at Plug Power

In related news, CFO Paul B. Middleton acquired 350,000 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $0.72 per share, for a total transaction of $252,000.00. Following the acquisition, the chief financial officer now owns 1,908,064 shares in the company, valued at $1,373,806.08. The trade was a 22.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Plug Power in the fourth quarter valued at $146,465,000. Heights Capital Management Inc. purchased a new stake in Plug Power during the first quarter worth about $31,174,000. Point72 Asset Management L.P. acquired a new stake in shares of Plug Power during the fourth quarter worth about $10,370,000. Vanguard Group Inc. boosted its stake in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Plug Power in the fourth quarter valued at approximately $6,235,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

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.