Plug Power (NASDAQ:PLUG) Shares Down 2.7% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price traded down 2.7% during trading on Friday . The stock traded as low as $1.21 and last traded at $1.27. 24,100,312 shares traded hands during trading, a decline of 64% from the average session volume of 67,083,552 shares. The stock had previously closed at $1.30.

Analyst Upgrades and Downgrades

Several brokerages have commented on PLUG. Truist Financial dropped their price objective on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Jefferies Financial Group reduced their price objective on Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research report on Tuesday, May 20th. Susquehanna decreased their price target on Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Canaccord Genuity Group cut their price objective on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Finally, B. Riley cut their price target on Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $1.83.

Plug Power Price Performance

The business has a 50-day moving average price of $0.93 and a 200 day moving average price of $1.63. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -0.60 and a beta of 2.17. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its 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). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. As a group, research analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the business's stock in a transaction on Monday, June 9th. The stock was purchased at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the purchase, the insider now directly owns 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PLUG. Oppenheimer & Co. Inc. bought a new position in Plug Power in the 4th quarter worth approximately $25,000. Jones Financial Companies Lllp raised its position 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 purchasing an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in Plug Power in the 1st quarter worth approximately $26,000. Callan Family Office LLC bought a new position in Plug Power in the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC bought a new position in Plug Power in the 4th quarter worth approximately $27,000. 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.