Plug Power (NASDAQ:PLUG) Stock Price Down 5.7% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG) traded down 5.7% on Wednesday . The company traded as low as $2.14 and last traded at $2.16. 76,665,231 shares changed hands during trading, a decline of 21% from the average session volume of 96,816,773 shares. The stock had previously closed at $2.29.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PLUG shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research note on Wednesday, October 8th. Canaccord Genuity Group set a $7.00 price objective on shares of Plug Power in a report on Monday, November 24th. Hsbc Global Res raised shares of Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. Morgan Stanley reiterated an “underweight” rating and issued a $1.50 target price on shares of Plug Power in a research report on Thursday, October 16th. Finally, HSBC set a $4.40 price target on shares of Plug Power in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus target price of $2.80.

Plug Power Trading Down 2.7%

The firm’s 50 day moving average is $2.53 and its 200 day moving average is $2.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.70. The company has a market capitalization of $3.06 billion, a PE ratio of -0.93 and a beta of 1.74.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The business had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. As a group, equities analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity

In other Plug Power news, insider Jose Luis Crespo acquired 37,300 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were purchased at an average cost of $2.34 per share, for a total transaction of $87,282.00. Following the transaction, the insider owned 307,332 shares in the company, valued at $719,156.88. This represents a 13.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Haycraft sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total value of $88,000.00. Following the transaction, the insider directly owned 373,809 shares in the company, valued at $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 60,000 shares of company stock worth $155,200 over the last three months. 1.41% of the stock is owned by insiders.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. Heights Capital Management Inc. purchased a new stake in Plug Power in the first quarter worth about $31,174,000. Two Sigma Investments LP grew its holdings in shares of Plug Power by 292.1% during the 3rd quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock worth $25,236,000 after acquiring an additional 8,068,713 shares during the period. Vanguard Group Inc. raised its position in shares of Plug Power by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock worth $255,442,000 after acquiring an additional 7,789,039 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after purchasing an additional 6,364,483 shares during the period. Finally, Electron Capital Partners LLC purchased a new position in shares of Plug Power in the 3rd quarter valued at approximately $10,663,000. Institutional investors own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.