Plug Power (NASDAQ:PLUG) Stock Price Down 10% - What's Next?

Key Points

• Shares fell about 10% in mid-day trading to as low as $2.24 on heavy activity (≈79.9M shares, ~17% below the average), after a prior close of $2.49.
• Analyst coverage is mixed with a MarketBeat consensus of "Hold" and a $2.50 average target; ratings include 1 Strong Buy, 4 Buy, 6 Hold and 6 Sell.
• Quarterly results showed EPS of -$0.12 (beat by $0.01) but revenue missed at $177.06M versus $185.41M expectations, the company remains unprofitable and an EVP recently sold 10,000 shares (insiders own 1.41%).

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) was down 10% during mid-day trading on Friday . The stock traded as low as $2.24 and last traded at $2.24. Approximately 79,870,296 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 95,973,641 shares. The stock had previously closed at $2.49.

Wall Street Analyst Weigh In

PLUG has been the subject of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Plug Power in a report on Wednesday, October 8th. Hsbc Global Res raised Plug Power to a "strong-buy" rating in a research report on Thursday, October 9th. HC Wainwright raised their price target on shares of Plug Power from $3.00 to $7.00 and gave the company a "buy" rating in a report on Friday, October 3rd. 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, August 12th. Finally, Wall Street Zen upgraded shares of Plug Power from a "sell" rating to a "hold" rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.50.

Plug Power Trading Down 10.0%

The company has a market capitalization of $2.59 billion, a PE ratio of -0.97 and a beta of 2.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. The firm's 50 day moving average is $2.70 and its 200 day moving average is $1.78.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The firm had revenue of $177.06 million for the quarter, compared to analysts' expectations of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Insiders Place Their Bets

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of the company's stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the sale, the executive vice president owned 467,583 shares in the company, valued at approximately $1,365,342.36. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.41% of the company's stock.

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of PLUG. Profund Advisors LLC increased its position in Plug Power by 24.4% in the third quarter. Profund Advisors LLC now owns 20,188 shares of the electronics maker's stock worth $47,000 after buying an additional 3,961 shares in the last quarter. SlateStone Wealth LLC boosted its stake in Plug Power by 16.0% during the third quarter. SlateStone Wealth LLC now owns 29,077 shares of the electronics maker's stock worth $68,000 after buying an additional 4,000 shares during the period. Signature Estate & Investment Advisors LLC raised its stake in shares of Plug Power by 33.4% in the third quarter. Signature Estate & Investment Advisors LLC now owns 18,414 shares of the electronics maker's stock valued at $43,000 after acquiring an additional 4,615 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Plug Power by 10.6% during the 3rd quarter. Mackenzie Financial Corp now owns 58,098 shares of the electronics maker's stock worth $135,000 after purchasing an additional 5,584 shares during the period. Finally, QRG Capital Management Inc. raised its position in Plug Power by 31.8% in the 2nd quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker's stock worth $37,000 after purchasing an additional 6,039 shares during the period. Hedge funds and other institutional investors own 43.48% of the company's stock.

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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