Plug Power (NASDAQ:PLUG) Shares Down 1.6% - What's Next?

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) dropped 1.6% during mid-day trading on Wednesday . The company traded as low as $1.51 and last traded at $1.51. Approximately 12,758,559 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 71,259,650 shares. The stock had previously closed at $1.53.

Analysts Set New Price Targets

PLUG has been the topic of a number of research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. UBS Group lowered their price target on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a report on Friday, March 21st. Wall Street Zen raised shares of Plug Power to a "sell" rating in a report on Tuesday, May 13th. Roth Capital reissued a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Finally, Susquehanna lowered their price target on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a report on Monday, April 14th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $1.83.

Plug Power Stock Performance

The stock's 50-day simple moving average is $1.16 and its 200-day simple moving average is $1.46. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -0.72 and a beta of 2.29. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly 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). The firm had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. Analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 stock was purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider owned 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Plug Power

Several large investors have recently modified their holdings of PLUG. Norges Bank bought a new position in Plug Power during the fourth quarter worth $146,465,000. Heights Capital Management Inc. bought a new position in Plug Power during the first quarter worth $31,174,000. Point72 Asset Management L.P. bought a new position in Plug Power during the fourth quarter worth $10,370,000. Vanguard Group Inc. raised its stake in Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock worth $186,244,000 after buying an additional 4,491,114 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Plug Power during the fourth quarter worth $6,235,000. 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.