Plug Power (NASDAQ:PLUG) Stock Price Down 9.5% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price fell 9.5% on Tuesday . The company traded as low as $1.17 and last traded at $1.19. 34,848,718 shares changed hands during trading, a decline of 48% from the average session volume of 67,425,866 shares. The stock had previously closed at $1.31.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PLUG shares. Truist Financial dropped their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. HC Wainwright reiterated a “buy” rating and set a $3.00 price objective on shares of Plug Power in a research note on Monday, March 24th. Jefferies Financial Group decreased their target price on Plug Power from $1.70 to $0.90 and set a “hold” rating for the company in a report on Tuesday, May 20th. Morgan Stanley dropped their price target on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research note on Monday, May 19th. Finally, UBS Group cut their target price 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. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $1.83.

Plug Power Stock Performance

The stock has a 50 day simple moving average of $0.93 and a 200 day simple moving average of $1.61. The stock has a market cap of $1.24 billion, a P/E ratio of -0.51 and a beta of 2.17. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

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

Insider Buying and Selling

In other news, insider Paul B. Middleton purchased 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the transaction, the insider now directly owns 2,558,064 shares of the company’s stock, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PLUG. Mariner LLC lifted its holdings in Plug Power by 29.7% in the 4th quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock worth $379,000 after buying an additional 40,710 shares during the period. Norges Bank purchased a new position in shares of Plug Power during the 4th quarter worth $146,465,000. Wells Fargo & Company MN raised its stake in shares of Plug Power by 2.7% in the fourth quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker’s stock worth $5,720,000 after buying an additional 70,187 shares during the period. KLP Kapitalforvaltning AS bought a new position in Plug Power in the 4th quarter worth $320,000. Finally, Two Sigma Investments LP lifted its position in Plug Power by 387.7% during the fourth quarter. Two Sigma Investments LP now owns 969,327 shares of the electronics maker’s stock valued at $2,065,000 after purchasing an additional 770,564 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.