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

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) fell 4.6% on Monday . The company traded as low as $1.38 and last traded at $1.40. 33,979,646 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 70,061,615 shares. The stock had previously closed at $1.47.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group reduced their target price on Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a report on Friday, March 21st. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Susquehanna reduced their target price on Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a report on Monday, April 14th. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Finally, Morgan Stanley reduced their target price on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a report on Monday, May 19th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Stock Down 5.6%

The stock has a fifty day moving average price of $1.06 and a 200 day moving average price of $1.49. 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 stock has a market capitalization of $1.93 billion, a P/E ratio of -0.68 and a beta of 2.29.

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

Insiders Place Their Bets

In other news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction on Monday, June 9th. The shares were acquired at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider directly 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp grew its stake in shares of 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 last quarter. Callan Family Office LLC bought a new stake in shares of Plug Power in the fourth quarter worth about $27,000. Ground Swell Capital LLC bought a new stake in shares of Plug Power in the fourth quarter worth about $27,000. Strategic Investment Solutions Inc. IL grew its stake in shares of 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 worth $31,000 after purchasing an additional 13,550 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock worth $33,000 after purchasing an additional 5,348 shares during 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.