Plug Power (NASDAQ:PLUG) Shares Down 1.4% - Here's What Happened

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares were down 1.4% during trading on Monday . The stock traded as low as $1.06 and last traded at $1.10. Approximately 13,122,058 shares changed hands during trading, a decline of 81% from the average daily volume of 68,035,777 shares. The stock had previously closed at $1.11.

Analysts Set New Price Targets

A number of research firms have recently commented on PLUG. Roth Capital reissued a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Canaccord Genuity Group lowered their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research note on Tuesday, May 13th. UBS Group lowered their target price on Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research note on Friday, March 21st. Wells Fargo & Company lowered their target price on Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 14th. Finally, B. Riley lowered their price objective on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Plug Power currently has a consensus rating of "Hold" and an average price target of $1.83.

Plug Power Trading Up 6.4%

The company has a market cap of $1.33 billion, a price-to-earnings ratio of -0.47 and a beta of 2.17. The firm has a 50 day moving average price of $0.94 and a two-hundred day moving average price of $1.57. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). The firm had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. As a group, equities analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Transactions at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was acquired at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider now directly owns 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its stake in shares of Plug Power by 53.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock valued at $33,000 after acquiring an additional 5,348 shares in the last quarter. 49 Wealth Management LLC increased its stake in Plug Power by 25.0% in the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock valued at $62,000 after purchasing an additional 5,834 shares in the last quarter. Jones Financial Companies Lllp increased its position in Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock valued at $25,000 after buying an additional 6,074 shares in the last quarter. Avantax Planning Partners Inc. increased its position in Plug Power by 54.0% in the 4th quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock valued at $40,000 after buying an additional 6,561 shares in the last quarter. Finally, Guggenheim Capital LLC increased its position in Plug Power by 13.0% in the 4th quarter. Guggenheim Capital LLC now owns 65,352 shares of the electronics maker's stock valued at $139,000 after buying an additional 7,539 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

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.