Plug Power (NASDAQ:PLUG) Shares Gap Down – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $1.31, but opened at $1.26. Plug Power shares last traded at $1.19, with a volume of 14,896,278 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PLUG shares. Wells Fargo & Company dropped their price target on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 14th. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Plug Power in a research report on Monday, March 24th. Jefferies Financial Group cut their price target on 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 reduced their target price on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research note on Friday, March 21st. Finally, Canaccord Genuity Group lowered their target price on shares of Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday, May 13th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $1.83.

Plug Power Price Performance

The stock has a market cap of $1.31 billion, a P/E ratio of -0.46 and a beta of 2.17. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $0.93 and its two-hundred day simple moving average is $1.61.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. The business had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. Sell-side analysts expect that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In other news, insider Paul B. Middleton bought 650,000 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The shares were acquired at an average price of $1.03 per share, with a total value of $669,500.00. Following the acquisition, the insider now owns 2,558,064 shares of the company’s stock, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Mariner LLC grew its position in Plug Power by 29.7% in the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock worth $379,000 after acquiring an additional 40,710 shares in the last quarter. Norges Bank bought a new stake in shares of Plug Power in the 4th quarter worth approximately $146,465,000. Wells Fargo & Company MN grew its position in shares of Plug Power by 2.7% in the 4th 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 last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Plug Power during the fourth quarter valued at approximately $320,000. Finally, Two Sigma Investments LP raised its holdings in shares of 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 acquiring an additional 770,564 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

About Plug Power

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.