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

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $1.31, but opened at $1.26. Plug Power shares last traded at $1.19, with a volume of 14,896,278 shares.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Canaccord Genuity Group decreased their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research report on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Plug Power in a research report on Monday, March 24th. Susquehanna dropped their price objective on Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a report on Tuesday, May 13th. Finally, Wells Fargo & Company lowered their price target on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $1.83.

Plug Power Stock Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm's fifty day moving average price is $0.93 and its two-hundred day moving average price is $1.61. The stock has a market capitalization of $1.37 billion, a PE ratio of -0.56 and a beta of 2.17.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. As a group, equities research analysts forecast that Plug Power Inc. will post -1.21 EPS for the current year.

Insider Buying and Selling

In other news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction dated Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider now directly owns 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently modified their holdings of PLUG. Oppenheimer & Co. Inc. purchased a new position in Plug Power during the fourth quarter worth approximately $25,000. Jones Financial Companies Lllp boosted its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new stake in shares of Plug Power in the fourth quarter valued at about $27,000. Ground Swell Capital LLC acquired a new stake in Plug Power during the fourth quarter worth about $27,000. Finally, Savant Capital LLC purchased a new position in Plug Power during the fourth quarter worth about $31,000. 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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