Plug Power (NASDAQ:PLUG) Shares Down 0.4%

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

Analyst Upgrades and Downgrades

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

Plug Power Stock Up 2.9 %

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. The firm’s 50-day moving average is $2.78 and its 200 day moving average is $3.13. The firm 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 issued its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business had revenue of $120.26 million during the quarter, compared to analyst estimates of $162.92 million. As a group, equities research analysts predict that Plug Power Inc. will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of Plug Power stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the sale, the director now directly owns 639,572 shares in the company, valued at approximately $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PLUG. FAS Wealth Partners Inc. acquired a new position in Plug Power in the 4th quarter valued at about $45,000. International Assets Investment Management LLC grew its stake in Plug Power by 275.7% in the 4th quarter. International Assets Investment Management LLC now owns 66,573 shares of the electronics maker’s stock valued at $300,000 after buying an additional 48,854 shares during the last quarter. Prime Capital Investment Advisors LLC grew its stake in Plug Power by 19.4% in 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 during the last quarter. Stratos Wealth Partners LTD. grew its stake in Plug Power by 17.6% in 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 during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Plug Power by 11.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,763,234 shares of the electronics maker’s stock worth $12,435,000 after purchasing an additional 276,626 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.