Plug Power (NASDAQ:PLUG) Stock Price 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.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price fell 9.2% on Tuesday following a dissappointing earnings announcement. The company traded as low as $1.44 and last traded at $1.44. 32,423,891 shares were traded during mid-day trading, a decline of 63% from the average session volume of 87,856,344 shares. The stock had previously closed at $1.58.

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 company had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PLUG shares. Piper Sandler dropped their price objective on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. BMO Capital Markets lowered their price target 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. Morgan Stanley lowered their price target 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. Wells Fargo & Company reaffirmed a "positive" rating and set a $1.50 price target on shares of Plug Power in a research report on Thursday. Finally, Canaccord Genuity Group lowered their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $1.88.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Paul B. Middleton acquired 650,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were acquired at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.41% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Miracle Mile Advisors LLC purchased a new stake in shares of Plug Power during the first quarter valued at approximately $26,000. Sender Co & Partners Inc. bought a new position in Plug Power in the second quarter worth $26,000. Ground Swell Capital LLC bought a new position in Plug Power in the fourth quarter worth $27,000. Baader Bank Aktiengesellschaft bought a new position in Plug Power in the first quarter worth $28,000. Finally, O ROURKE & COMPANY Inc bought a new position in Plug Power in the second quarter worth $30,000. 43.48% of the stock is currently owned by institutional investors.

Plug Power Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $1.47 and a 200-day simple moving average of $1.34. The firm has a market cap of $1.96 billion, a P/E ratio of -0.74 and a beta of 2.35.

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.