Plug Power Sees Unusually High Options Volume (NASDAQ:PLUG)

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) saw unusually large options trading activity on Friday. Stock traders bought 135,178 call options on the company. This represents an increase of 192% compared to the typical daily volume of 46,267 call options.

Plug Power Trading Up 5.9%

Shares of NASDAQ:PLUG traded up $0.11 during mid-day trading on Monday, reaching $1.90. The stock had a trading volume of 95,606,893 shares, compared to its average volume of 71,891,744. The firm has a market cap of $2.17 billion, a PE ratio of -0.76 and a beta of 2.29. The firm has a 50 day simple moving average of $1.16 and a two-hundred day simple moving average of $1.45. 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 has a twelve month low of $0.69 and a twelve month high of $3.32.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. On average, research analysts predict that Plug Power will post -1.21 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PLUG. Canaccord Genuity Group cut their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Piper Sandler cut their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a report on Wednesday, May 14th. Wells Fargo & Company lowered their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Finally, Morgan Stanley lowered their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $1.87.

Insider Activity at Plug Power

In other Plug Power news, insider Paul B. Middleton acquired 650,000 shares of the stock in a transaction dated Monday, June 9th. The shares were bought at an average price of $1.03 per share, with a total value of $669,500.00. Following the purchase, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in the company. 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 valued at $33,000 after buying an additional 5,348 shares in the last quarter. 49 Wealth Management LLC grew its stake in shares of Plug Power by 25.0% in the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock valued at $62,000 after buying an additional 5,834 shares in the last quarter. 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 valued at $25,000 after buying an additional 6,074 shares in the last quarter. Mandatum Life Insurance Co Ltd grew its stake in shares of Plug Power by 17.6% in the second quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock valued at $73,000 after buying an additional 7,300 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its position in Plug Power by 13.0% during the fourth quarter. Guggenheim Capital LLC now owns 65,352 shares of the electronics maker's stock worth $139,000 after purchasing an additional 7,539 shares during the period. 43.48% of the stock is 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.