Plug Power (NASDAQ:PLUG) Stock Price Down 3.5% - Here's What Happened

Key Points

• Plug Power's stock price dropped by 3.5% to $1.53, with a significant reduction in trading volume, declining by 84% compared to the average.
• Analysts have been lowering their target prices for Plug Power, with BMO Capital Markets setting a target of $1.00 and Piper Sandler at $0.80, while Jefferies raised their target to $1.60.
• The company reported negative earnings of ($0.16) per share, missing estimates, but exceeded revenue expectations with $173.97 million for the quarter.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price dropped 3.5% on Wednesday . The company traded as low as $1.51 and last traded at $1.53. Approximately 13,682,274 shares changed hands during trading, a decline of 84% from the average daily volume of 86,551,102 shares. The stock had previously closed at $1.58.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of research reports. BMO Capital Markets cut their target price on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a research report on Tuesday, August 12th. Piper Sandler cut their target price on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research 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 stock a "hold" rating in a research report on Wednesday, July 23rd. Finally, Susquehanna raised their price objective on shares of Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research report on Monday, July 21st. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $1.88.

Plug Power Trading Down 2.2%

The firm has a market capitalization of $1.78 billion, a P/E ratio of -0.67 and a beta of 2.35. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The firm's 50-day simple moving average is $1.49 and its 200-day simple moving average is $1.34.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results 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 the consensus estimate of $157.97 million. Analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Transactions at Plug Power

In related news, insider Paul B. Middleton bought 650,000 shares of the company's stock in a transaction on Monday, June 9th. The stock was acquired 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 in the company, valued at $2,634,805.92. This trade 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. 1.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Plug Power by 4.5% during the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after acquiring an additional 3,930,342 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Plug Power by 14.9% during the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock worth $35,872,000 after acquiring an additional 3,125,542 shares in the last quarter. Heights Capital Management Inc. purchased a new position in shares of Plug Power during the first quarter worth approximately $31,174,000. Legal & General Group Plc raised its stake in shares of Plug Power by 59.9% during the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after acquiring an additional 6,364,483 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Plug Power by 45.8% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,027,081 shares of the electronics maker's stock worth $11,743,000 after acquiring an additional 2,521,348 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

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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