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

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) dropped 1.4% during mid-day trading on Tuesday . The company traded as low as $1.75 and last traded at $1.80. Approximately 36,350,687 shares changed hands during trading, a decline of 49% from the average daily volume of 71,941,070 shares. The stock had previously closed at $1.82.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PLUG shares. Piper Sandler lowered their price target 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. HC Wainwright reaffirmed a "buy" rating and set a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Canaccord Genuity Group decreased their target price on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Jefferies Financial Group decreased their target price on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a report on Tuesday, May 20th. Finally, Wall Street Zen raised shares of Plug Power to a "sell" rating in a report on Tuesday, May 13th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of "Hold" and a consensus target price of $1.87.

Plug Power Price Performance

The company has a 50-day simple moving average of $1.16 and a 200-day simple moving average of $1.45. The stock has a market cap of $2.12 billion, a PE ratio of -0.75 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued 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 return on equity of 82.21% and a negative net margin of 312.29%. The business had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Sell-side analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Transactions at Plug Power

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of Plug Power stock in a transaction on Monday, June 9th. The stock was bought at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the transaction, the insider 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLUG. Raymond James Financial Inc. bought a new stake in Plug Power during the 4th quarter valued at approximately $344,000. PNC Financial Services Group Inc. grew its stake in shares of Plug Power by 53.2% during 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. Cibc World Markets Corp bought a new position in Plug Power during the fourth quarter worth about $159,000. Xponance Inc. lifted its holdings in shares of Plug Power by 17.0% in the fourth quarter. Xponance Inc. now owns 57,264 shares of the electronics maker's stock valued at $122,000 after purchasing an additional 8,313 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at about $172,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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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