Plug Power (NASDAQ:PLUG) Stock Price Down 3.9% - Here's Why

Key Points

• Plug Power's stock fell 3.9% to $1.60 during mid-day trading, with a significant drop in trading volume to approximately 16.5 million shares, down 81% from its average daily volume.
• Various analysts have significantly downgraded Plug Power's stock ratings and price targets, with a consensus rating of "Reduce" and an average price target of $1.88.
• Insider Paul B. Middleton increased his stake in Plug Power by acquiring 650,000 shares at $1.03 each, showcasing confidence in the company despite current stock fluctuations.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) fell 3.9% on Tuesday . The company traded as low as $1.56 and last traded at $1.60. 16,505,742 shares were traded during mid-day trading, a decline of 81% from the average session volume of 86,852,375 shares. The stock had previously closed at $1.66.

Analyst Ratings Changes

A number of analysts recently issued reports on PLUG shares. Susquehanna lifted their price objective on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research report on Monday, July 21st. Morgan Stanley cut their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research note on Monday, May 19th. Roth Capital reissued a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. BMO Capital Markets cut their price objective on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research report on Tuesday, August 12th. Finally, Canaccord Genuity Group reduced their target price on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research note on Tuesday, May 13th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $1.88.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. The firm has a fifty day simple moving average of $1.50 and a 200 day simple moving average of $1.33. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -0.73 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The firm had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. On average, sell-side analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Plug Power

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PLUG. Vanguard Group Inc. grew its stake in shares of Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after acquiring an additional 3,930,342 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock valued at $35,872,000 after purchasing an additional 3,125,542 shares during the period. Heights Capital Management Inc. acquired a new stake in Plug Power in the 1st quarter worth $31,174,000. Legal & General Group Plc increased its holdings in shares of Plug Power by 59.9% during the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after purchasing an additional 6,364,483 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Plug Power by 45.8% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,027,081 shares of the electronics maker's stock valued at $11,743,000 after buying an additional 2,521,348 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.