Plug Power (NASDAQ:PLUG) Shares Down 1.8% - Here's What Happened

Key Points

• Shares fell 1.8% mid-day to $2.16 (low $2.09) on ~97.8 million shares traded, roughly in line with average volume.
• Analyst sentiment is mixed with a consensus "Hold" rating and an average target of $2.80 (1 Strong Buy, 5 Buy, 6 Hold, 6 Sell).
• Plug Power beat EPS estimates for the quarter (‑$0.12 vs. est. ‑$0.13) but missed revenue ($177.1M vs. $185.4M) and remains deeply unprofitable (negative net margin and ROE); an EVP sold 10,000 shares and insiders own 1.41%.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) fell 1.8% during mid-day trading on Monday . The company traded as low as $2.09 and last traded at $2.16. 97,842,579 shares changed hands during trading, an increase of 1% from the average session volume of 96,820,086 shares. The stock had previously closed at $2.20.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Morgan Stanley restated an "underweight" rating and set a $1.50 target price on shares of Plug Power in a report on Thursday, October 16th. Wells Fargo & Company increased their price objective on shares of Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Susquehanna dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a "neutral" rating on the stock in a report on Monday, November 17th. Wall Street Zen lowered shares of Plug Power from a "hold" rating to a "sell" rating in a research note on Sunday, November 16th. Finally, HSBC set a $4.40 target price on Plug Power in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat, Plug Power has a consensus rating of "Hold" and an average target price of $2.80.

Plug Power Stock Down 1.8%

The firm's 50 day simple moving average is $2.74 and its 200-day simple moving average is $1.93. The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -0.91 and a beta of 1.74.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.01. The company had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. Equities analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Plug Power

In other news, EVP Benjamin Haycraft sold 10,000 shares of the company's stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $2.92, for a total transaction of $29,200.00. Following the sale, the executive vice president owned 467,583 shares in the company, valued at $1,365,342.36. This represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in the company. Kovack Advisors Inc. acquired a new stake in Plug Power in the third quarter valued at $26,000. Sender Co & Partners Inc. bought a new stake in shares of Plug Power in the 2nd quarter valued at about $26,000. Yousif Capital Management LLC acquired a new stake in Plug Power in the 3rd quarter valued at about $27,000. Prakash Investment Advisors LLC bought a new position in Plug Power during the third quarter worth about $27,000. Finally, O ROURKE & COMPANY Inc acquired a new position in Plug Power during the second quarter worth approximately $30,000. 43.48% of the stock is currently 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.

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