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

Analyst Upgrades and Downgrades

PLUG has been the subject of a number of research reports. Jefferies Financial Group upped their price objective on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. Canaccord Genuity Group reduced their price objective 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. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Morgan Stanley cut their price target on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a report on Monday, May 19th. Finally, Piper Sandler cut their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a report on Wednesday, May 14th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $1.88.

Plug Power Stock Down 4.5%

The business has a 50 day simple moving average of $1.48 and a 200 day simple moving average of $1.33. 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 stock has a market cap of $1.83 billion, a PE ratio of -0.69 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The company had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. On average, equities research analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul B. Middleton acquired 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The stock was bought at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the period. Geode Capital Management LLC lifted its position in Plug Power by 14.9% during the second 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. bought a new position in Plug Power during the first quarter valued at approximately $31,174,000. Legal & General Group Plc raised its position in Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after acquiring an additional 6,364,483 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 acquiring an additional 2,521,348 shares in the last quarter. 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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