Plug Power (NASDAQ:PLUG) Shares Down 2.6% - Here's Why

Key Points

• Plug Power shares declined by 2.6% during mid-day trading, with a closing price of $1.66, indicating a significant drop in trading volume, down 78% from the average.
• Analysts have mixed views on Plug Power, with a range of ratings from "strong sell" to "buy," and an average target price of $1.88 for the stock.
• In its latest quarterly earnings report, Plug Power reported a revenue of $173.97 million, surpassing analyst expectations, but had a negative earnings per share of ($0.16), missing the consensus estimate.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares fell 2.6% during mid-day trading on Monday . The stock traded as low as $1.64 and last traded at $1.66. 18,939,176 shares traded hands during trading, a decline of 78% from the average session volume of 87,079,266 shares. The stock had previously closed at $1.70.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLUG. Susquehanna increased their price objective on shares of Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a report on Monday, July 21st. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Jefferies Financial Group increased their price objective on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Wells Fargo & Company reaffirmed a "positive" rating and set a $1.50 price objective on shares of Plug Power in a report on Thursday. Finally, Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $1.88.

Plug Power Trading Down 3.2%

The stock has a market capitalization of $1.90 billion, a PE ratio of -0.71 and a beta of 2.35. The company's 50 day moving average price is $1.47 and its two-hundred day moving average price is $1.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. The firm had revenue of $173.97 million for the quarter, compared to analyst estimates of $157.97 million. As a group, analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Transactions at Plug Power

In other 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 purchased at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Plug Power by 4.5% during the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock worth $35,872,000 after acquiring an additional 3,125,542 shares during the last quarter. Heights Capital Management Inc. acquired a new position in shares of Plug Power in the 1st quarter worth approximately $31,174,000. Legal & General Group Plc boosted its position in shares of Plug Power by 59.9% during the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after purchasing an additional 6,364,483 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Plug Power by 45.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,027,081 shares of the electronics maker's stock worth $11,743,000 after purchasing an additional 2,521,348 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

About Plug Power

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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