Plug Power (NASDAQ:PLUG) Stock Price Down 3.3% - What's Next?

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) fell 3.3% during mid-day trading on Friday . The company traded as low as $1.61 and last traded at $1.63. 20,763,114 shares were traded 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.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PLUG shares. HC Wainwright reissued a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research report on Monday, March 24th. Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a report on Tuesday, May 13th. Jefferies Financial Group lowered their price objective on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research report on Tuesday, May 20th. Morgan Stanley decreased their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a report on Monday, May 19th. Finally, Wells Fargo & Company dropped their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 14th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $1.83.

Plug Power Trading Down 3.1%

The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The business's fifty day moving average is $1.08 and its 200 day moving average is $1.47. The stock has a market cap of $1.80 billion, a PE ratio of -0.64 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. As a group, analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul B. Middleton purchased 650,000 shares of the business's stock in a transaction dated Monday, June 9th. The stock was acquired at an average price of $1.03 per share, with a total value of $669,500.00. Following the purchase, the insider directly owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This represents a 34.07% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew 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 valued at $25,000 after purchasing an additional 6,074 shares during the last quarter. Ground Swell Capital LLC acquired a new stake in Plug Power during the 4th quarter valued at $27,000. Strategic Investment Solutions Inc. IL increased its position in Plug Power by 1,182.4% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock worth $31,000 after buying an additional 13,550 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings 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 last quarter. Finally, Retirement Planning Group LLC NY purchased a new stake in shares of Plug Power in the fourth quarter valued at $38,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.