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

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price was down 1.6% during mid-day 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 mid-day trading, a decline of 56% from the average daily volume of 71,328,800 shares. The stock had previously closed at $1.57.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PLUG shares. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. UBS Group lowered their price target on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research note on Friday, March 21st. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Plug Power in a research note on Monday, March 24th. Wells Fargo & Company lowered their price target on Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 14th. Finally, Morgan Stanley lowered their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research note on Monday, May 19th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Price Performance

The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The company has a market cap of $2.05 billion, a PE ratio of -0.72 and a beta of 2.29. The stock has a 50-day simple moving average of $1.16 and a 200 day simple moving average of $1.46.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted 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 net margin of 312.29% and a negative return on equity of 82.21%. The business had revenue of $133.67 million during the quarter, compared to analysts' expectations of $130.92 million. Equities analysts expect that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Buying and Selling

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction on Monday, June 9th. The shares were bought at an average price 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 $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 1.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after buying an additional 3,930,342 shares during the period. Norges Bank purchased a new stake in shares of Plug Power in the 4th quarter valued at $146,465,000. Heights Capital Management Inc. purchased a new stake in shares of Plug Power in the 1st quarter valued at $31,174,000. Geode Capital Management LLC raised its holdings in shares of Plug Power by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock valued at $42,434,000 after buying an additional 722,639 shares during the period. Finally, Legal & General Group Plc raised its holdings in shares of Plug Power by 8.5% in the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock valued at $21,602,000 after buying an additional 796,774 shares during the period. 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.