Plug Power (NASDAQ:PLUG) Sees Strong Trading Volume

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares saw strong trading volume on Wednesday . 22,371,811 shares changed hands during trading, a decline of 46% from the previous session's volume of 41,413,633 shares.The stock last traded at $3.36 and had previously closed at $3.44.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PLUG. Seaport Res Ptn lowered shares of Plug Power from a "buy" rating to a "neutral" rating in a report on Tuesday, February 6th. Royal Bank of Canada dropped their price objective on Plug Power from $5.00 to $3.50 and set a "sector perform" rating for the company in a report on Wednesday, January 24th. Citigroup cut Plug Power from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $3.25 to $2.00 in a report on Friday, April 5th. BMO Capital Markets cut Plug Power from a "market perform" rating to an "underperform" rating and dropped their price objective for the stock from $3.50 to $2.50 in a report on Wednesday, January 24th. Finally, Craig Hallum decreased their target price on Plug Power from $6.00 to $5.00 and set a "buy" rating for the company in a research report on Monday, March 4th. Four equities research 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, the company presently has an average rating of "Hold" and a consensus target price of $5.49.

Plug Power Stock Performance

The stock has a 50-day moving average price of $3.04 and a 200-day moving average price of $3.77. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -1.42 and a beta of 1.64. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.52). Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The company had revenue of $222.20 million for the quarter, compared to analyst estimates of $234.21 million. During the same quarter in the prior year, the business posted ($0.38) EPS. The business's quarterly revenue was up .7% compared to the same quarter last year. As a group, analysts forecast that Plug Power Inc. will post -1.06 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other news, Director George C. Mcnamee sold 10,000 shares of the company's stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the completion of the transaction, the director now directly owns 639,572 shares in the company, valued at $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Raymond James & Associates boosted its stake in Plug Power by 2.2% during the third quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker's stock worth $634,000 after acquiring an additional 1,783 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Plug Power by 5.5% during the third quarter. Principal Financial Group Inc. now owns 40,818 shares of the electronics maker's stock worth $310,000 after acquiring an additional 2,124 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Plug Power by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker's stock worth $1,049,000 after acquiring an additional 2,280 shares in the last quarter. Byrne Asset Management LLC boosted its stake in Plug Power by 17.1% during the third quarter. Byrne Asset Management LLC now owns 16,415 shares of the electronics maker's stock worth $125,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Sigma Planning Corp boosted its stake in Plug Power by 13.0% during the third quarter. Sigma Planning Corp now owns 21,876 shares of the electronics maker's stock worth $166,000 after acquiring an additional 2,525 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.

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