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

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

Analyst Upgrades and Downgrades

PLUG has been the subject of a number of analyst reports. Canaccord Genuity Group decreased their price target on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research note on Tuesday, May 13th. Roth Capital restated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. 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 research note on Monday, May 19th. Wells Fargo & Company reduced their target price on Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 14th. Finally, 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 research note on Friday, March 21st. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Price Performance

The company has a 50 day moving average of $1.02 and a 200-day moving average of $1.49. The firm has a market capitalization of $1.57 billion, a P/E ratio of -0.55 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 released its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) 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 net margin of 312.29% and a negative return on equity of 82.21%. On average, sell-side analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Buying and Selling at Plug Power

In related news, insider Paul B. Middleton bought 650,000 shares of the business's stock in a transaction dated 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 transaction, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. The trade was a 34.07% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.41% of the company's stock.

Institutional Trading of Plug Power

A number of institutional investors have recently modified their holdings of PLUG. Jones Financial Companies Lllp lifted its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 6,074 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power during the 4th quarter valued at $25,000. Miracle Mile Advisors LLC bought a new stake in shares of Plug Power during the 1st quarter valued at $26,000. Callan Family Office LLC bought a new stake in shares of Plug Power during the 4th quarter valued at $27,000. Finally, Ground Swell Capital LLC bought a new stake in shares of Plug Power during the 4th quarter valued at $27,000. 43.48% of the stock is currently owned by institutional investors.

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.