Plug Power (NASDAQ:PLUG) Shares Down 9.5% - Here's Why

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) fell 9.5% during mid-day trading on Tuesday . The company traded as low as $1.17 and last traded at $1.19. 34,848,718 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 67,425,866 shares. The stock had previously closed at $1.31.

Analysts Set New Price Targets

A number of brokerages have commented on PLUG. Truist Financial decreased their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research note on Wednesday, March 5th. Piper Sandler reduced their price objective on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research note on Monday, March 24th. Jefferies Financial Group cut their target price on Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research note on Tuesday, May 20th. Finally, Canaccord Genuity Group lowered their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research report on Tuesday, May 13th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and an average price target of $1.83.

Plug Power Stock Down 2.6%

The stock has a market cap of $1.27 billion, a P/E ratio of -0.45 and a beta of 2.17. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The stock's 50-day moving average is $0.93 and its 200-day moving average is $1.59.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. As a group, research analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Plug Power

In other news, CFO Paul B. Middleton acquired 350,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 1,908,064 shares in the company, valued at $1,373,806.08. This represents a 22.46% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power in the 4th quarter worth approximately $25,000. Jones Financial Companies Lllp grew 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 worth $25,000 after buying an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Plug Power during the first quarter valued at approximately $26,000. Callan Family Office LLC purchased a new stake in shares of Plug Power in the 4th quarter valued at approximately $27,000. Finally, Ground Swell Capital LLC acquired a new position in Plug Power in the 4th quarter worth approximately $27,000. 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.