Plug Power (NASDAQ:PLUG) Shares Down 9.2% Following Weak Earnings

Key Points

• Plug Power's shares fell 9.2% to $1.44 after the company reported weaker than expected earnings, with an EPS of ($0.16) missing estimates by $0.01.
• The company generated $173.97 million in revenue for the quarter, exceeding analyst expectations of $157.97 million.
• Analysts have mixed ratings on Plug Power, with six selling, eight holding, and four buying, while the average target price remains at $1.89.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) were down 9.2% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.44 and last traded at $1.44. Approximately 32,423,891 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 87,856,344 shares. The stock had previously closed at $1.58.

The electronics maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. The company had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PLUG shares. Jefferies Financial Group increased their target price on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Wall Street Zen raised shares of Plug Power to a "sell" rating in a research report on Tuesday, May 13th. BMO Capital Markets lowered their price objective on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research report on Tuesday. Finally, Morgan Stanley lowered their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Plug Power presently has an average rating of "Hold" and an average target price of $1.89.

Insider Buying and Selling at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction dated Monday, June 9th. The stock was acquired at an average price 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 of the company's stock, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Plug Power

Large investors have recently made changes to their positions in the business. Mariner LLC lifted its position in shares of Plug Power by 29.7% in the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker's stock worth $379,000 after purchasing an additional 40,710 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Plug Power by 2.7% in the fourth quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker's stock worth $5,720,000 after acquiring an additional 70,187 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Plug Power by 387.7% in the fourth quarter. Two Sigma Investments LP now owns 969,327 shares of the electronics maker's stock worth $2,065,000 after acquiring an additional 770,564 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Plug Power by 88.3% in the fourth quarter. Deutsche Bank AG now owns 978,101 shares of the electronics maker's stock worth $2,083,000 after acquiring an additional 458,706 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of 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 acquiring an additional 790,650 shares during the last quarter. Institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

The firm's 50 day moving average price is $1.42 and its 200-day moving average price is $1.34. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -0.58 and a beta of 2.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07.

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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