Plug Power (NASDAQ:PLUG) Trading Down 4.6% - Here's Why

Key Points

• Plug Power's stock price fell by 4.6% to $1.76 during mid-day trading on Monday, with trading volume significantly down by 63% compared to its average.
• Multiple analysts have downgraded their price targets for Plug Power, with Morgan Stanley lowering its target from $1.25 to $0.50 and Piper Sandler setting a target of $0.80, both indicating a negative outlook.
• Plug Power's recent earnings report showed a loss of ($0.21) per share, missing estimates, but revenue was slightly above expectations at $133.67 million.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price was down 4.6% during mid-day trading on Monday . The stock traded as low as $1.74 and last traded at $1.76. Approximately 34,152,352 shares traded hands during trading, a decline of 63% from the average daily volume of 91,324,000 shares. The stock had previously closed at $1.84.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PLUG shares. Morgan Stanley dropped their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research report on Monday, May 19th. Piper Sandler dropped their price target on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research note on Wednesday, May 14th. Canaccord Genuity Group dropped their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen upgraded Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Finally, Susquehanna upped their price objective on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $1.92.

Plug Power Stock Down 4.6%

The firm has a 50 day simple moving average of $1.26 and a two-hundred day simple moving average of $1.41. The company has a market capitalization of $2.01 billion, a PE ratio of -0.71 and a beta of 2.29. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27.

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 analysts' consensus estimates of ($0.20) by ($0.01). The business had revenue of $133.67 million during the quarter, compared to analysts' expectations of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. Research analysts expect that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the purchase, the insider 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in Plug Power by 62.8% during the second quarter. IFP Advisors Inc now owns 30,083 shares of the electronics maker's stock valued at $45,000 after buying an additional 11,604 shares in the last quarter. Callan Family Office LLC bought a new stake in shares of Plug Power during the 2nd quarter worth $46,000. Vontobel Holding Ltd. lifted its holdings in shares of Plug Power by 11.9% in the second quarter. Vontobel Holding Ltd. now owns 3,878,389 shares of the electronics maker's stock valued at $5,779,000 after purchasing an additional 412,585 shares in the last quarter. Abel Hall LLC purchased a new stake in shares of Plug Power during the second quarter worth $30,000. Finally, KLP Kapitalforvaltning AS raised its holdings in Plug Power by 32.8% during the second quarter. KLP Kapitalforvaltning AS now owns 199,200 shares of the electronics maker's stock valued at $297,000 after buying an additional 49,200 shares in the last quarter. Hedge funds and other 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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