Plug Power (NASDAQ:PLUG) Trading Down 4.2% - Should You Sell?

Key Points

• Shares of Plug Power dropped 4.2% to $1.48, with trading volume declining by 88% from average levels.
• Research analysts have lowered their price targets for Plug Power, with estimates ranging from $0.50 to $1.60 and a current average target price of $1.92.
• Plug Power reported a quarterly earnings miss, with earnings per share at ($0.21), against a consensus estimate of ($0.20), alongside a revenue of $133.67 million.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) dropped 4.2% on Wednesday . The stock traded as low as $1.48 and last traded at $1.48. Approximately 10,508,408 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 89,138,953 shares. The stock had previously closed at $1.54.

Analyst Ratings Changes

PLUG has been the subject of several research analyst reports. Canaccord Genuity Group lowered their price objective on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research report on Tuesday, May 13th. Piper Sandler cut their price target on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a report on Wednesday, May 14th. Morgan Stanley cut their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a report on Monday, May 19th. Evercore ISI raised Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Finally, Jefferies Financial Group boosted their price objective on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Plug Power presently has an average rating of "Hold" and an average target price of $1.92.

Plug Power Trading Down 4.9%

The stock has a market cap of $1.68 billion, a PE ratio of -0.59 and a beta of 2.35. The firm has a 50-day simple moving average of $1.36 and a 200-day simple moving average of $1.37. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27.

Plug Power (NASDAQ:PLUG - Get Free Report) last released 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 firm 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%. Equities analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the acquisition, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.41% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Ground Swell Capital LLC bought a new position in Plug Power in the fourth quarter valued at $27,000. Strategic Investment Solutions Inc. IL increased its stake in Plug Power by 1,182.4% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock valued at $31,000 after acquiring an additional 13,550 shares during the last quarter. Retirement Planning Group LLC NY bought a new position in Plug Power in the fourth quarter valued at $38,000. GTS Securities LLC increased its stake in Plug Power by 150.0% in the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 56,255 shares during the last quarter. Finally, Miracle Mile Advisors LLC bought a new position in Plug Power in the first quarter valued at $26,000. Institutional investors own 43.48% of the company's stock.

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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