Plug Power (NASDAQ:PLUG) Trading Down 1.4%

Shares of Plug Power Inc. (NASDAQ:PLUG) fell 1.4% during trading on Monday . The stock traded as low as $1.95 and last traded at $2.13. 18,819,441 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 39,965,977 shares. The stock had previously closed at $2.16.

Wall Street Analyst Weigh In

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

Plug Power Price Performance

The company has a market cap of $1.54 billion, a PE ratio of -0.87 and a beta of 1.81. The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The firm has a 50 day simple moving average of $2.66 and a 200-day simple moving average of $3.10.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The firm had revenue of $120.26 million for the quarter, compared to analysts’ expectations of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. As a group, research analysts predict that Plug Power Inc. will post -1.1 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $2.56, for a total transaction of $25,600.00. Following the transaction, the director now owns 639,572 shares in the company, valued at $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in PLUG. SteelPeak Wealth LLC purchased a new stake in Plug Power during the 2nd quarter valued at about $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power in the 2nd quarter valued at $26,000. Aire Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at approximately $28,000. Madison Park Capital Advisors LLC purchased a new position in Plug Power in the second quarter valued at $29,000. Finally, Mosley Wealth Management acquired a new position in Plug Power during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

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.