Plug Power (NASDAQ:PLUG) Trading Down 5% - Here's Why

Key Points

• Plug Power's stock price fell by 5% to $1.43, with a trading volume significantly lower than its average, indicating investor apprehension.
• Analyst ratings for Plug Power reveal a mix, with six analysts rating it a sell, while it has a consensus "Hold" rating and a price target of $1.92.
• Insider buying activity was noted, as Paul B. Middleton purchased 650,000 shares, increasing his position by 34.07%, highlighting potential confidence from company insiders.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price dropped 5% during mid-day trading on Friday . The company traded as low as $1.39 and last traded at $1.43. Approximately 24,872,072 shares were traded during trading, a decline of 72% from the average daily volume of 90,209,695 shares. The stock had previously closed at $1.50.

Analyst Ratings Changes

PLUG has been the topic of a number of analyst reports. Roth Capital restated a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Morgan Stanley reduced their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Evercore ISI raised Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Jefferies Financial Group increased their price target on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Finally, Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $1.92.

Plug Power Trading Down 7.0%

The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -0.56 and a beta of 2.29. The business's 50 day moving average price is $1.32 and its two-hundred day moving average price is $1.40.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its 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). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The company had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. On average, equities analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the business's stock in a transaction dated Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, with a total value 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 SEC, which is available at this link. Insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently added to or reduced their stakes in PLUG. 49 Wealth Management LLC lifted its holdings in shares of Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after purchasing an additional 5,834 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Plug Power by 31.8% during the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker's stock worth $37,000 after purchasing an additional 6,039 shares during the period. Mandatum Life Insurance Co Ltd lifted its holdings in Plug Power by 17.6% during the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock worth $73,000 after buying an additional 7,300 shares during the period. Avidian Wealth Enterprises LLC lifted its holdings in Plug Power by 45.4% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker's stock worth $36,000 after buying an additional 7,500 shares during the period. Finally, Guggenheim Capital LLC lifted its holdings in Plug Power by 13.0% during the 4th quarter. Guggenheim Capital LLC now owns 65,352 shares of the electronics maker's stock worth $139,000 after buying an additional 7,539 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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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