Plug Power (NASDAQ:PLUG) Stock Price Down 3.3% - Here's Why

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded down 3.3% during mid-day trading on Friday . The stock traded as low as $1.61 and last traded at $1.63. 20,763,114 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 71,174,501 shares. The stock had previously closed at $1.68.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PLUG. Susquehanna reduced their target price on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company reduced their target price on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Canaccord Genuity Group reduced their target price on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Finally, UBS Group reduced their target price on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Plug Power currently has an average rating of "Hold" and a consensus target price of $1.83.

Plug Power Stock Down 4.5%

The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -0.65 and a beta of 2.29. The business's 50-day moving average is $1.06 and its 200-day moving average is $1.49. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27.

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

Insider Transactions at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider directly owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Jones Financial Companies Lllp raised its position in shares of Plug Power by 107.4% in the fourth 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 during the period. Ground Swell Capital LLC acquired a new position in shares of Plug Power in the fourth quarter worth about $27,000. Strategic Investment Solutions Inc. IL raised its position in shares of Plug Power by 1,182.4% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock worth $31,000 after acquiring an additional 13,550 shares during the period. PNC Financial Services Group Inc. raised its position in shares of 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 acquiring an additional 5,348 shares during the period. Finally, Retirement Planning Group LLC NY acquired a new position in shares of Plug Power in the fourth quarter worth about $38,000. 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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