Plug Power (NASDAQ:PLUG) Trading Down 3.1% - What's Next?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price dropped 3.1% on Friday . The company traded as low as $1.09 and last traded at $1.11. Approximately 22,506,519 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 91,820,852 shares. The stock had previously closed at $1.14.

Analyst Ratings Changes

PLUG has been the subject of a number of recent research reports. Wells Fargo & Company reduced 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. Canaccord Genuity Group reduced 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. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research report on Tuesday, May 13th. UBS Group reduced their price target on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research report on Friday, March 21st. Finally, Piper Sandler reduced their price target 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. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five 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 target price of $1.83.

Plug Power Price Performance

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 firm has a market capitalization of $1.27 billion, a P/E ratio of -0.45 and a beta of 2.17. The firm's 50 day simple moving average is $0.93 and its two-hundred day simple moving average is $1.60.

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

Insider Activity

In related news, CFO Paul B. Middleton purchased 350,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the purchase, the chief financial officer now directly owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. This represents a 22.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. purchased a new stake in Plug Power in the fourth quarter worth about $25,000. Jones Financial Companies Lllp grew its holdings 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 purchasing an additional 6,074 shares during the period. Miracle Mile Advisors LLC purchased a new stake in Plug Power in the first quarter worth about $26,000. Callan Family Office LLC purchased a new stake in Plug Power in the fourth quarter worth about $27,000. Finally, Ground Swell Capital LLC purchased a new stake in Plug Power in the fourth quarter worth about $27,000. 43.48% of the stock is owned by institutional investors.

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.

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