Plug Power (NASDAQ:PLUG) Shares Down 3.6%

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 3.6% during trading on Monday . The company traded as low as $2.39 and last traded at $2.40. 10,373,890 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 39,740,340 shares. The stock had previously closed at $2.49.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PLUG. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research note on Tuesday, May 14th. Piper Sandler decreased their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Canaccord Genuity Group decreased their target price on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Monday, May 13th. TD Cowen decreased their target price on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Susquehanna decreased their target price on Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus target price of $5.48.

Plug Power Trading Down 5.2 %

The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -0.98 and a beta of 1.81. The company has a fifty day moving average price of $2.81 and a 200-day moving average price of $3.15. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The business had revenue of $120.26 million during the quarter, compared to analyst estimates of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. As a group, research analysts expect that Plug Power Inc. will post -1.12 EPS for the current year.

Insider Buying and Selling

In related news, Director George C. Mcnamee sold 10,000 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the transaction, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently made changes to their positions in PLUG. Norges Bank purchased a new stake in shares of Plug Power in the fourth quarter valued at approximately $97,800,000. Swedbank AB purchased a new stake in shares of Plug Power in the first quarter valued at approximately $10,687,000. SG Americas Securities LLC grew its position in shares of Plug Power by 134.0% in the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after purchasing an additional 1,407,858 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Plug Power in the fourth quarter valued at approximately $5,133,000. Finally, Pinnacle Associates Ltd. grew its position in shares of Plug Power by 41.4% in the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares in the last quarter. Institutional investors and hedge funds 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.