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

Plug Power Inc. (NASDAQ:PLUG) saw some unusual options trading activity on Monday. Stock traders acquired 65,817 call options on the company. This is an increase of 55% compared to the typical daily volume of 42,423 call options.

Analysts Set New Price Targets

PLUG has been the topic of a number of research analyst reports. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. B. Riley cut their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. BMO Capital Markets cut their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday, May 13th. Finally, Piper Sandler lowered their price objective on Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Plug Power currently has an average rating of “Hold” and an average target price of $1.91.

Plug Power Trading Up 1.9%

NASDAQ PLUG traded up $0.01 during trading hours on Monday, hitting $0.79. The company’s stock had a trading volume of 189,203,290 shares, compared to its average volume of 59,130,526. The stock has a fifty day moving average of $1.13 and a 200 day moving average of $1.77. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a twelve month low of $0.69 and a twelve month high of $3.55. The firm has a market capitalization of $848.33 million, a P/E ratio of -0.37 and a beta of 2.19.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results 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 46.99% and a negative net margin of 214.05%. The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Equities research analysts forecast that Plug Power will post -1.21 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other Plug Power news, CFO Paul B. Middleton bought 350,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the acquisition, the chief financial officer now owns 1,908,064 shares in the company, valued at $1,373,806.08. This trade represents a 22.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently modified their holdings of the business. Arkadios Wealth Advisors grew its stake in shares of Plug Power by 88.0% during the fourth quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock worth $132,000 after acquiring an additional 29,062 shares during the last quarter. ACT Wealth Management LLC lifted its position in Plug Power by 71.4% in the fourth quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock valued at $51,000 after acquiring an additional 10,000 shares during the last quarter. Sustainable Insight Capital Management LLC acquired a new stake in Plug Power in the fourth quarter valued at $79,000. PFG Investments LLC lifted its holdings in shares of Plug Power by 16.8% in the fourth quarter. PFG Investments LLC now owns 467,836 shares of the electronics maker’s stock valued at $996,000 after purchasing an additional 67,251 shares in the last quarter. Finally, Swedbank AB increased its position in shares of Plug Power by 39.7% in the fourth quarter. Swedbank AB now owns 235,233 shares of the electronics maker’s stock worth $501,000 after acquiring an additional 66,844 shares in the last quarter. 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.