Plug Power (NASDAQ:PLUG) Stock Price Down 4.6% - Here's What Happened

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price fell 4.6% during trading on Monday . The company traded as low as $1.52 and last traded at $1.55. 27,893,656 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 92,151,750 shares. The stock had previously closed at $1.62.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PLUG shares. Wells Fargo & Company decreased their target price on 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. Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Plug Power in a research report on Monday, March 24th. Finally, Piper Sandler decreased their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Plug Power has a consensus rating of "Hold" and a consensus target price of $1.83.

Plug Power Stock Down 4.0%

The business's 50 day moving average price is $1.08 and its 200-day moving average price is $1.47. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The company has a market cap of $1.78 billion, a P/E ratio of -0.63 and a beta of 2.29.

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 for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). The company had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. On average, analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Paul B. Middleton bought 650,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were bought at an average cost of $1.03 per share, with a total value of $669,500.00. Following the acquisition, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.41% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its position in shares of Plug Power by 53.2% during the 4th 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 in the last quarter. 49 Wealth Management LLC boosted its position in shares of Plug Power by 25.0% during the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after acquiring an additional 5,834 shares in the last quarter. Jones Financial Companies Lllp boosted its position in 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 buying an additional 6,074 shares in the last quarter. Mandatum Life Insurance Co Ltd boosted its position in Plug Power by 17.6% in the second quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock valued at $73,000 after buying an additional 7,300 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its position in Plug Power by 13.0% in the fourth quarter. Guggenheim Capital LLC now owns 65,352 shares of the electronics maker's stock valued at $139,000 after buying an additional 7,539 shares in the last quarter. 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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