Plug Power (NASDAQ:PLUG) Shares Gap Down on Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price gapped down before the market opened on Wednesday after Jefferies Financial Group lowered their price target on the stock from $1.70 to $0.90. The stock had previously closed at $0.83, but opened at $0.79. Jefferies Financial Group currently has a hold rating on the stock. Plug Power shares last traded at $0.78, with a volume of 17,402,165 shares.

A number of other research analysts have also recently commented on the company. Truist Financial decreased their price target on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. BMO Capital Markets lowered their price target on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a research report on Monday, January 27th. Susquehanna cut 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. Finally, Wells Fargo & Company dropped their price objective on 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 analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $1.83.

Insider Buying and Selling

In other Plug Power news, CFO Paul B. Middleton purchased 350,000 shares of Plug Power stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $0.72 per share, with a total value of $252,000.00. Following the transaction, the chief financial officer now directly owns 1,908,064 shares of the company's stock, valued at $1,373,806.08. This trade represents a 22.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its stake in Plug Power by 53.2% in the fourth 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. Compagnie Lombard Odier SCmA boosted its holdings in Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker's stock worth $104,000 after acquiring an additional 5,550 shares in the last quarter. 49 Wealth Management LLC boosted its holdings in Plug Power by 25.0% in the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after acquiring an additional 5,834 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Finally, Avantax Planning Partners Inc. lifted its holdings in shares of Plug Power by 54.0% during the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock worth $40,000 after purchasing an additional 6,561 shares during the period. 43.48% of the stock is currently owned by institutional investors.

Plug Power Trading Down 5.9%

The company's fifty day simple moving average is $1.09 and its 200-day simple moving average is $1.76. The firm has a market capitalization of $836.79 million, a PE ratio of -0.36 and a beta of 2.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) 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, sell-side analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

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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