Plug Power (NASDAQ:PLUG) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Plug Power reported a quarterly earnings per share of ($0.16), missing estimates by $0.01, with a negative return on equity of 82.21%.
• The company's stock increased by $0.09, closing at $1.60, with a trading volume of over 52 million shares.
• Insider Paul B. Middleton purchased 650,000 shares, increasing his stake by 34.07%, signaling potential confidence in the company's future.

Plug Power (NASDAQ:PLUG - Get Free Report) issued its quarterly earnings data on Monday. The electronics maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01), Zacks reports. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%.

Plug Power Price Performance

Shares of PLUG stock traded up $0.09 on Monday, reaching $1.60. The company's stock had a trading volume of 52,530,723 shares, compared to its average volume of 60,938,968. The stock's fifty day simple moving average is $1.42 and its 200-day simple moving average is $1.34. Plug Power has a 1 year low of $0.69 and a 1 year high of $3.32. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -0.65 and a beta of 2.35.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the acquisition, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.41% of the company's stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Plug Power stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) by 12.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,607,153 shares of the electronics maker's stock after buying an additional 297,754 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.24% of Plug Power worth $3,520,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 43.48% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Piper Sandler decreased their target price on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research note on Wednesday, May 14th. Wells Fargo & Company decreased their target price on shares of 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. Finally, Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Plug Power has a consensus rating of "Hold" and a consensus target price of $1.92.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.