Plug Power (NASDAQ:PLUG) Shares Gap Down to $3.43

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $3.43, but opened at $3.32. Plug Power shares last traded at $3.29, with a volume of 6,339,055 shares.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PLUG shares. Citigroup downgraded shares of Plug Power from a "neutral" rating to a "sell" rating and cut their price target for the stock from $3.25 to $2.00 in a report on Friday, April 5th. Piper Sandler reduced their target price on shares of Plug Power from $2.90 to $2.50 and set an "underweight" rating for the company in a report on Friday, May 10th. Canaccord Genuity Group lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a "hold" rating on the stock in a report on Monday. HC Wainwright reiterated a "buy" rating and set a $18.00 price objective on shares of Plug Power in a research note on Tuesday. Finally, Susquehanna lowered their target price on Plug Power from $3.50 to $3.00 and set a "neutral" rating on the stock in a research note on Friday, May 10th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of "Hold" and an average price target of $5.49.

Plug Power Trading Down 5.2 %

The company has a market capitalization of $2.41 billion, a PE ratio of -1.34 and a beta of 1.64. The company has a 50 day simple moving average of $3.02 and a 200 day simple moving average of $3.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The firm had revenue of $222.20 million during the quarter, compared to analyst estimates of $234.21 million. During the same period in the prior year, the company posted ($0.38) earnings per share. The firm's revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that Plug Power Inc. will post -1.09 earnings per share for the current year.

Insider Buying and Selling

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the sale, the director now owns 639,572 shares in the company, valued at approximately $1,637,304.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates boosted its holdings in Plug Power by 2.2% in the 3rd quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker's stock valued at $634,000 after purchasing an additional 1,783 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Plug Power by 25.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 196,558 shares of the electronics maker's stock worth $1,494,000 after acquiring an additional 40,144 shares during the last quarter. Bank of New York Mellon Corp raised its position in Plug Power by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 1,581,758 shares of the electronics maker's stock valued at $12,021,000 after purchasing an additional 30,845 shares during the period. Bourgeon Capital Management LLC purchased a new position in shares of Plug Power during the 3rd quarter worth $1,375,000. Finally, M&T Bank Corp increased its position in shares of Plug Power by 7.6% during the 3rd quarter. M&T Bank Corp now owns 39,435 shares of the electronics maker's stock worth $300,000 after purchasing an additional 2,790 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

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.