Plug Power (NASDAQ:PLUG) Stock Price Down 1.4% - Here's What Happened

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded down 1.4% on Thursday . The company traded as low as $1.68 and last traded at $1.76. 41,739,782 shares were traded during trading, a decline of 41% from the average session volume of 71,017,173 shares. The stock had previously closed at $1.78.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Canaccord Genuity Group dropped their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research report on Monday, March 24th. Jefferies Financial Group reduced their price objective on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research note on Tuesday, May 20th. Finally, Susquehanna decreased their target price on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a report on Monday, April 14th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Price Performance

The stock has a market capitalization of $1.86 billion, a P/E ratio of -0.66 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95. The firm has a fifty day moving average price of $1.06 and a two-hundred day moving average price of $1.49.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The firm had revenue of $133.67 million for the quarter, compared to the consensus estimate of $130.92 million. As a group, analysts expect that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of PLUG. PNC Financial Services Group Inc. increased its position 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 buying an additional 5,348 shares in the last quarter. 49 Wealth Management LLC grew its stake in shares of Plug Power by 25.0% during the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock valued at $62,000 after acquiring an additional 5,834 shares during the period. Jones Financial Companies Lllp increased its holdings in Plug Power by 107.4% in the 4th 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. Avantax Planning Partners Inc. increased its holdings in Plug Power by 54.0% in the 4th quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock worth $40,000 after acquiring an additional 6,561 shares in the last quarter. Finally, Mandatum Life Insurance Co Ltd raised its stake in Plug Power by 17.6% during the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock worth $73,000 after acquiring an additional 7,300 shares during the period. 43.48% of the stock is owned by institutional investors.

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.