Plug Power (NASDAQ:PLUG) Reaches New 52-Week Low - What's Next?

Key Points

• Plug Power shares hit a new 52-week low of $1.69 and last traded at $1.715, below both their 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans cautious: the stock has a consensus rating of “Hold” and an average price target of $3.51, with targets ranging from $2.50 to $7.00.
• Plug Power exceeded quarterly revenue and EPS expectations, reporting $178.3 million in revenue and a $0.07 per-share loss, but remains deeply unprofitable with a negative net margin of 220.59%; an insider also sold 200,000 shares.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price hit a new 52-week low on Friday. The company traded as low as $1.69 and last traded at $1.7150, with a volume of 3411562 shares. The stock had previously closed at $1.73.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PLUG shares. UBS Group reaffirmed a "buy" rating and set a $5.00 price target on shares of Plug Power in a research note on Tuesday, August 11th. Weiss Ratings downgraded shares of Plug Power from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of Plug Power in a research report on Tuesday, September 29th. Susquehanna cut their price target on Plug Power from $3.75 to $2.50 and set a "neutral" rating on the stock in a report on Friday, July 10th. Finally, Jefferies Financial Group upgraded shares of Plug Power to a "hold" rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $3.51.

Plug Power Stock Up 0.9%

The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $2.44 billion, a PE ratio of -1.38 and a beta of 2.28. The business's 50 day simple moving average is $2.10 and its 200 day simple moving average is $2.59.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The business had revenue of $178.30 million for the quarter, compared to the consensus estimate of $169.11 million. The firm's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current year.

Insider Activity

In related news, insider Benjamin Haycraft sold 200,000 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $2.14, for a total transaction of $428,000.00. Following the completion of the sale, the insider directly owned 101,249 shares in the company, valued at approximately $216,672.86. This trade represents a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 232,560 shares of company stock valued at $496,178 over the last ninety days. 1.37% of the stock is owned by corporate insiders.

Institutional Trading of Plug Power

A number of institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC boosted its stake in Plug Power by 11.8% during the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker's stock valued at $97,000 after purchasing an additional 4,525 shares during the period. Earned Wealth Advisors LLC increased its holdings in Plug Power by 12.6% in the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker's stock valued at $100,000 after buying an additional 4,923 shares during the period. GTS Securities LLC raised its stake in shares of Plug Power by 18.9% in the 2nd quarter. GTS Securities LLC now owns 32,330 shares of the electronics maker's stock valued at $88,000 after buying an additional 5,135 shares in the last quarter. Abel Hall LLC raised its stake in shares of Plug Power by 9.2% in the 1st quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker's stock valued at $141,000 after buying an additional 5,223 shares in the last quarter. Finally, Wealthfront Advisers LLC raised its stake in shares of Plug Power by 8.2% in the 1st quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker's stock valued at $158,000 after buying an additional 5,283 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

About Plug Power

Plug Power Inc is a clean-energy technology company that develops and supplies hydrogen and fuel-cell solutions. Its products include fuel-cell systems and engines for material-handling equipment, backup and stationary power, and other commercial and industrial applications. The company also provides electrolyzers for producing hydrogen, along with hydrogen generation, liquefaction, storage, and delivery services.

Plug Power serves customers in material handling, transportation, power generation, and industrial markets.

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