Plug Power (NASDAQ:PLUG) Stock Price Down 7.1% - Should You Sell?

Key Points

• Plug Power's stock fell by 7.1% on Tuesday, trading as low as $1.64, with a significant drop in trading volume of 72% compared to the average session.
• Analysts have mixed opinions on Plug Power, with ratings ranging from "strong sell" to "buy," resulting in an average rating of "Hold" and a consensus price target of $1.92.
• Insider Paul B. Middleton purchased 650,000 shares at $1.03 per share, increasing his position by over 34%, reflecting confidence in the company's future.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded down 7.1% during trading on Tuesday . The stock traded as low as $1.64 and last traded at $1.65. 25,196,355 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 91,141,148 shares. The stock had previously closed at $1.77.

Analyst Ratings Changes

A number of equities research analysts recently commented on PLUG shares. Jefferies Financial Group boosted their target price on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Piper Sandler lowered their price objective 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. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Susquehanna increased their price objective on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Wells Fargo & Company lowered their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 14th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Plug Power presently has an average rating of "Hold" and a consensus price target of $1.92.

Plug Power Trading Down 3.2%

The company has a 50 day moving average price of $1.32 and a two-hundred day moving average price of $1.40. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -0.61 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. On average, research analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction dated 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 of the company's stock, valued at approximately $2,634,805.92. This represents a 34.07% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.41% of the company's stock.

Institutional Trading of Plug Power

Large investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $344,000. American Century Companies Inc. grew its stake in shares of Plug Power by 21.0% in the 4th quarter. American Century Companies Inc. now owns 879,373 shares of the electronics maker's stock valued at $1,873,000 after buying an additional 152,458 shares during the period. Sei Investments Co. raised its position in Plug Power by 127.5% in the fourth quarter. Sei Investments Co. now owns 74,442 shares of the electronics maker's stock valued at $159,000 after purchasing an additional 41,725 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Plug Power in the 4th quarter valued at $320,000. Finally, Vanguard Group Inc. grew its holdings in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock worth $186,244,000 after purchasing an additional 4,491,114 shares during the period. Hedge funds and other 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.