Plug Power (NASDAQ:PLUG) Announces Earnings Results

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 net margin of 292.84% and a negative return on equity of 90.22%. The business had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million.

Plug Power Trading Down 2.7%

PLUG stock traded down $0.05 during trading on Thursday, hitting $1.62. 21,062,735 shares of the company traded hands, compared to its average volume of 87,602,828. The firm has a market capitalization of $1.87 billion, a PE ratio of -0.70 and a beta of 2.35. Plug Power has a 1 year low of $0.69 and a 1 year high of $3.32. The company has a 50-day moving average of $1.44 and a 200-day moving average of $1.35. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.07 and a current ratio of 1.59.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research note on Monday, May 19th. Roth Capital restated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. BMO Capital Markets decreased their price target on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research note on Tuesday. Jefferies Financial Group lifted their price target 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. Finally, Canaccord Genuity Group decreased their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Plug Power presently has a consensus rating of "Hold" and an average target price of $1.88.

Insider Buying and Selling

In other news, insider Paul B. Middleton bought 650,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider owned 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Plug Power by 12.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker's stock valued at $3,520,000 after purchasing an additional 297,754 shares during the last quarter. Focus Partners Wealth purchased a new stake in Plug Power during the 1st quarter valued at $37,000. JPMorgan Chase & Co. boosted its stake in Plug Power by 6.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,504,744 shares of the electronics maker's stock valued at $2,242,000 after purchasing an additional 95,876 shares during the last quarter. Prudential Financial Inc. boosted its stake in Plug Power by 87.2% during the 2nd quarter. Prudential Financial Inc. now owns 111,945 shares of the electronics maker's stock valued at $167,000 after purchasing an additional 52,135 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Plug Power by 24.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 73,084 shares of the electronics maker's stock worth $109,000 after buying an additional 14,471 shares during the last quarter. Institutional investors 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.