Plug Power (NASDAQ:PLUG) Sees Large Volume Increase - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 43,314,927 shares traded hands during mid-day trading, a decline of 29% from the previous session's volume of 61,231,658 shares.The stock last traded at $0.84 and had previously closed at $0.79.

Analyst Upgrades and Downgrades

PLUG has been the topic of several research analyst reports. UBS Group reduced their price objective on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a report on Friday, March 21st. Jefferies Financial Group reduced their price objective on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a report on Tuesday, May 20th. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a report on Tuesday, May 13th. Piper Sandler cut their price target 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. Finally, Truist Financial cut their price target on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $1.83.

Plug Power Price Performance

The firm has a market capitalization of $947.54 million, a price-to-earnings ratio of -0.41 and a beta of 2.19. The company has a fifty day moving average price of $0.97 and a two-hundred day moving average price of $1.69. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. On average, equities research analysts expect that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity

In other news, CFO Paul B. Middleton acquired 350,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the acquisition, the chief financial officer now owns 1,908,064 shares of the company's stock, valued at $1,373,806.08. The trade was a 22.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock worth $33,000 after purchasing an additional 5,348 shares during the period. Compagnie Lombard Odier SCmA lifted its holdings in shares of Plug Power by 12.8% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker's stock worth $104,000 after purchasing an additional 5,550 shares during the period. 49 Wealth Management LLC lifted its holdings in shares of Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after purchasing an additional 5,834 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares during the period. Finally, Avantax Planning Partners Inc. lifted its holdings in shares of Plug Power by 54.0% during the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock worth $40,000 after purchasing an additional 6,561 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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.