Plug Power (NASDAQ:PLUG) Stock Price Down 5.2%

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 5.2% on Friday . The company traded as low as $2.19 and last traded at $2.20. Approximately 13,737,329 shares were traded during trading, a decline of 66% from the average daily volume of 39,881,039 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. B. Riley raised Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Canaccord Genuity Group reduced their price target on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Susquehanna dropped their price objective on Plug Power from $3.50 to $3.00 and set a “neutral” rating on the stock in a report on Friday, May 10th. Piper Sandler reduced their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Finally, Citigroup lowered shares of Plug Power from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.25 to $2.00 in a research note on Friday, April 5th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.48.

Plug Power Stock Performance

The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $2.75 and its two-hundred day moving average price is $3.12. The company has a market cap of $1.60 billion, a P/E ratio of -0.92 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 the consensus estimate of ($0.32) by ($0.11). The company 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, equities analysts forecast that Plug Power Inc. will post -1.12 earnings per share for the current year.

Insider Transactions at Plug Power

In related news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the transaction, the director now directly owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The sale 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC bought a new position in shares of Plug Power during the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power in the second quarter worth about $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter worth about $28,000. Madison Park Capital Advisors LLC bought a new position in shares of Plug Power in the 2nd quarter valued at approximately $29,000. Finally, Mosley Wealth Management acquired a new stake in Plug Power in the 1st quarter worth approximately $35,000. 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.