Plug Power (NASDAQ:PLUG) Trading Down 1.4%

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Tuesday, May 14th. Morgan Stanley lowered their price objective on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a report on Friday, May 10th. TD Cowen reduced their price objective on shares of Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, May 10th. B. Riley raised shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Piper Sandler cut their price target 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. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.48.

Plug Power Stock Down 3.3 %

The stock’s 50 day moving average is $2.66 and its 200 day moving average is $3.10. The company has a market capitalization of $1.54 billion, a PE ratio of -0.87 and a beta of 1.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.11). The company had revenue of $120.26 million during 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%. On average, sell-side analysts anticipate that Plug Power Inc. will post -1.1 EPS for the current fiscal year.

Insider Activity

In related news, Director George C. Mcnamee sold 10,000 shares of Plug Power stock in a transaction 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 completion of the sale, the director now owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently made changes to their positions in the stock. SteelPeak Wealth LLC bought a new stake in Plug Power in the 2nd quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in Plug Power in the second quarter worth about $26,000. Aire Advisors LLC purchased a new stake in Plug Power in the second quarter worth $28,000. Madison Park Capital Advisors LLC purchased a new position in Plug Power during the 2nd quarter valued at about $29,000. Finally, Mosley Wealth Management bought a new stake in Plug Power during the first quarter worth about $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.