Plug Power (NASDAQ:PLUG) Shares Down 2.4% - What's Next?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price fell 2.4% on Wednesday . The stock traded as low as $1.79 and last traded at $1.80. 30,439,105 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 72,073,193 shares. The stock had previously closed at $1.84.

Analyst Ratings Changes

Several research firms recently weighed in on PLUG. Jefferies Financial Group lifted their price target on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a report on Wednesday. Canaccord Genuity Group cut their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Roth Capital reiterated a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Evercore ISI raised Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Finally, Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $1.92.

Plug Power Trading Up 4.0%

The stock has a 50 day simple moving average of $1.26 and a 200-day simple moving average of $1.43. The firm has a market capitalization of $2.11 billion, a P/E ratio of -0.74 and a beta of 2.29. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27.

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

Insider Activity

In related news, insider Paul B. Middleton acquired 650,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the purchase, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. The trade was a 34.07% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.41% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Raymond James Financial Inc. bought a new position in Plug Power in the 4th quarter worth approximately $344,000. PNC Financial Services Group Inc. boosted its stake in 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 worth $33,000 after purchasing an additional 5,348 shares during the period. Cibc World Markets Corp bought a new position in Plug Power in the 4th quarter worth approximately $159,000. Xponance Inc. boosted its stake in Plug Power by 17.0% in the 4th quarter. Xponance Inc. now owns 57,264 shares of the electronics maker's stock worth $122,000 after purchasing an additional 8,313 shares during the period. Finally, Virtu Financial LLC bought a new position in Plug Power in the 4th quarter worth approximately $172,000. 43.48% of the stock is currently owned by 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.