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

Key Points

• Plug Power's stock price fell by 1.6% to $1.54, with a dramatic decrease in trading volume, down 91% from its average.
• Research analysts continue to diverge on the stock's outlook: Morgan Stanley set a low target of $0.50, while Roth Capital maintained a "buy" rating.
• Plug Power reported earnings of ($0.16) EPS for the last quarter, missing analyst expectations, but revenue of $173.97 million exceeded forecasts.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price was down 1.6% during mid-day trading on Thursday . The company traded as low as $1.52 and last traded at $1.54. Approximately 7,734,854 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 86,243,383 shares. The stock had previously closed at $1.56.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PLUG shares. Morgan Stanley dropped their target price on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a report on Monday, May 19th. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Jefferies Financial Group increased their target price on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Finally, Piper Sandler dropped their price objective on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research note on Wednesday, May 14th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $1.88.

Plug Power Stock Performance

The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -0.67 and a beta of 2.35. The stock's 50-day moving average is $1.49 and its 200-day moving average is $1.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The company had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. Analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity at Plug Power

In other news, insider Paul B. Middleton acquired 650,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the acquisition, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mariner LLC lifted its holdings in shares of Plug Power by 29.7% during the 4th quarter. Mariner LLC now owns 177,839 shares of the electronics maker's stock valued at $379,000 after acquiring an additional 40,710 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Plug Power by 387.7% during the 4th quarter. Two Sigma Investments LP now owns 969,327 shares of the electronics maker's stock valued at $2,065,000 after acquiring an additional 770,564 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Plug Power by 88.3% during the 4th quarter. Deutsche Bank AG now owns 978,101 shares of the electronics maker's stock valued at $2,083,000 after acquiring an additional 458,706 shares in the last quarter. Northern Trust Corp lifted its holdings in Plug Power by 11.1% in the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker's stock worth $16,843,000 after buying an additional 790,650 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Plug Power in the 4th quarter worth $344,000. Institutional investors and hedge funds own 43.48% of the company's stock.

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.

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