Plug Power (NASDAQ:PLUG) Trading Down 1.6% - Here's What Happened

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) were down 1.6% during trading on Tuesday . The company traded as low as $1.55 and last traded at $1.55. Approximately 31,380,897 shares traded hands during trading, a decline of 56% from the average daily volume of 71,328,800 shares. The stock had previously closed at $1.57.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PLUG. Wall Street Zen upgraded Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Susquehanna decreased their price objective on Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a report on Monday, April 14th. Morgan Stanley decreased their price objective on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a report on Monday, May 19th. Piper Sandler decreased their price objective on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a report on Wednesday, May 14th. Finally, UBS Group decreased their price objective on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a report on Friday, March 21st. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $1.83.

Plug Power Stock Performance

The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -0.62 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. The firm has a 50-day simple moving average of $1.08 and a two-hundred day simple moving average of $1.47.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $130.92 million. On average, sell-side analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Transactions at Plug Power

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plug Power

Several large investors have recently modified their holdings of PLUG. Norges Bank acquired a new stake in Plug Power in the fourth quarter valued at $146,465,000. Heights Capital Management Inc. purchased a new position in shares of Plug Power in the first quarter valued at $31,174,000. Point72 Asset Management L.P. purchased a new position in shares of Plug Power in the fourth quarter valued at $10,370,000. Vanguard Group Inc. increased its position in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after buying an additional 4,491,114 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Plug Power in the fourth quarter valued at $6,235,000. Hedge funds and other institutional investors 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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