Plug Power (NASDAQ:PLUG) Shares Down 0.4%

Plug Power Inc. (NASDAQ:PLUG) shares traded down 0.4% on Wednesday . The stock traded as low as $2.38 and last traded at $2.39. 7,699,757 shares traded hands during trading, a decline of 81% from the average session volume of 39,811,930 shares. The stock had previously closed at $2.40.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Morgan Stanley dropped their price target on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Friday, May 10th. Piper Sandler decreased their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Citigroup lowered shares of Plug Power from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $3.25 to $2.00 in a report on Friday, April 5th. Finally, B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Four investment 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 has an average rating of “Hold” and an average price target of $5.48.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87. The firm has a fifty day moving average of $2.78 and a two-hundred day moving average of $3.13. The stock has a market capitalization of $1.83 billion, a P/E ratio of -1.03 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last announced 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 during the quarter, compared to the consensus estimate of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. On average, analysts predict that Plug Power Inc. will post -1.12 EPS for the current year.

Insider Activity

In related news, Director George C. Mcnamee sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the sale, the director now owns 639,572 shares in the company, valued at $1,637,304.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently bought and sold shares of PLUG. Treasurer of the State of North Carolina boosted its position in Plug Power by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after purchasing an additional 2,280 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Plug Power by 15.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock valued at $84,000 after buying an additional 2,526 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its position in shares of Plug Power by 19.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock valued at $98,000 after buying an additional 3,556 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Plug Power by 17.6% during the 4th quarter. Stratos Wealth Partners LTD. now owns 25,635 shares of the electronics maker’s stock valued at $115,000 after buying an additional 3,832 shares in the last quarter. Finally, Pitcairn Co. lifted its position in shares of Plug Power by 27.1% during the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after buying an additional 4,169 shares in the last quarter. Hedge funds and other 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.