Plug Power (NASDAQ:PLUG) Stock Price Down 2.7% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) traded down 2.7% during mid-day trading on Friday . The company traded as low as $2.09 and last traded at $2.20. 133,146,320 shares changed hands during trading, an increase of 37% from the average session volume of 97,079,578 shares. The stock had previously closed at $2.26.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research note on Wednesday, October 8th. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a report on Thursday, October 9th. Cowen reaffirmed a “buy” rating on shares of Plug Power in a report on Wednesday, November 19th. HSBC set a $4.40 price objective on Plug Power in a research report on Thursday, October 9th. Finally, Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, Plug Power presently has an average rating of “Hold” and a consensus price target of $2.80.

Plug Power Stock Down 2.7%

The firm’s 50 day moving average price is $2.55 and its 200-day moving average price is $2.00. The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The company has a market cap of $3.06 billion, a P/E ratio of -0.93 and a beta of 1.74.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The business had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. As a group, equities research analysts expect that Plug Power, Inc. will post -1.21 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jose Luis Crespo bought 37,300 shares of Plug Power stock in a transaction on Monday, December 15th. The shares were purchased at an average price of $2.34 per share, for a total transaction of $87,282.00. Following the completion of the acquisition, the insider owned 307,332 shares in the company, valued at approximately $719,156.88. This represents a 13.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total value of $88,000.00. Following the completion of the sale, the insider directly owned 373,809 shares of the company’s stock, valued at approximately $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 60,000 shares of company stock valued at $155,200. 1.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PLUG. Brave Asset Management Inc. raised its holdings in shares of Plug Power by 603.8% during the second quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock worth $209,000 after acquiring an additional 120,450 shares during the period. Legal & General Group Plc increased its holdings in Plug Power by 59.9% during the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock worth $25,301,000 after purchasing an additional 6,364,483 shares in the last quarter. Baader Bank Aktiengesellschaft raised its stake in shares of Plug Power by 3,034.2% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock valued at $973,000 after purchasing an additional 632,117 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Plug Power by 365,934.4% in the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock valued at $5,656,000 after purchasing an additional 3,794,740 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Plug Power by 14.9% during the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after buying an additional 3,125,542 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.