Plug Power (NASDAQ:PLUG) Trading Down 2.8% – What’s Next?

Plug Power, Inc. (NASDAQ:PLUG) was down 2.8% during mid-day trading on Tuesday . The company traded as low as $2.01 and last traded at $2.05. Approximately 81,301,018 shares changed hands during trading, a decline of 16% from the average daily volume of 96,998,156 shares. The stock had previously closed at $2.11.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PLUG shares. HSBC set a $4.40 target price on Plug Power in a research report on Thursday, October 9th. Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, November 16th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Plug Power in a report on Monday, November 24th. Susquehanna lowered their price objective on Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Monday, November 17th. Finally, Canaccord Genuity Group set a $7.00 price target on shares of Plug Power in a research report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus price target of $2.80.

Plug Power Trading Up 1.7%

The firm has a market capitalization of $2.90 billion, a PE ratio of -0.88 and a beta of 1.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.70 and a current ratio of 1.32. The company’s 50-day moving average price is $2.42 and its 200-day moving average price is $2.04.

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

Insider Buying and Selling at Plug Power

In other news, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total transaction of $88,000.00. Following the transaction, the insider directly owned 373,809 shares in the company, valued at approximately $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jose Luis Crespo acquired 37,300 shares of the company’s stock in a transaction on Monday, December 15th. The stock was acquired at an average price of $2.34 per share, for a total transaction of $87,282.00. Following the completion of the purchase, the insider owned 307,332 shares of the company’s stock, valued at $719,156.88. This trade represents a 13.81% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 60,000 shares of company stock valued at $155,200 in the last 90 days. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Plug Power by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock valued at $255,442,000 after buying an additional 7,789,039 shares during the period. Geode Capital Management LLC increased its position in shares of Plug Power by 14.9% in the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock valued at $35,872,000 after buying an additional 3,125,542 shares in the last quarter. Heights Capital Management Inc. acquired a new position in Plug Power during the first quarter worth about $31,174,000. Legal & General Group Plc raised its position in shares of Plug Power by 4.2% during the 3rd quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock worth $41,230,000 after purchasing an additional 714,212 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Plug Power by 292.1% in the third quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock valued at $25,236,000 after acquiring an additional 8,068,713 shares in the last quarter. 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.