Plug Power (NASDAQ:PLUG) Stock Price Down 1.6% - What's Next?

Key Points

• Plug Power's stock fell by 1.6% to $1.53, with trading volume significantly down to 17.7 million shares compared to the average of 90.5 million shares.
• Analysts have mixed opinions on Plug Power, with six ratings as sell, eight as hold, and four as buy, while the consensus price target stands at $1.92.
• Insider Paul B. Middleton purchased 650,000 shares at $1.03 each, raising his total ownership by over 34%, underscoring potential insider confidence in the company's future.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price fell 1.6% on Thursday . The stock traded as low as $1.50 and last traded at $1.53. 17,745,715 shares were traded during trading, a decline of 80% from the average session volume of 90,482,563 shares. The stock had previously closed at $1.55.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PLUG. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Piper Sandler reduced their price objective on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Wells Fargo & Company reduced their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 14th. Susquehanna upped their price target on shares of Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Morgan Stanley reduced their price target on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research report on Monday, May 19th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $1.92.

Plug Power Trading Down 5.0%

The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The firm's 50-day simple moving average is $1.32 and its 200 day simple moving average is $1.40. The stock has a market capitalization of $1.63 billion, a P/E ratio of -0.58 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS 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 return on equity of 82.21% and a negative net margin of 312.29%. Equities research analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction dated Monday, June 9th. The shares were acquired at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the acquisition, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after buying an additional 3,930,342 shares during the last quarter. Heights Capital Management Inc. bought a new stake in shares of Plug Power in the first quarter valued at approximately $31,174,000. Geode Capital Management LLC boosted its position in shares of Plug Power by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock valued at $42,434,000 after acquiring an additional 722,639 shares during the period. Legal & General Group Plc boosted its position in shares of Plug Power by 8.5% in the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock valued at $21,602,000 after acquiring an additional 796,774 shares during the period. Finally, Northern Trust Corp lifted its position in Plug Power by 11.1% in the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker's stock worth $16,843,000 after purchasing an additional 790,650 shares during the period. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.