Plug Power (NASDAQ:PLUG) Trading Down 7.6% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG)’s stock price dropped 7.6% during mid-day trading on Tuesday . The stock traded as low as $2.49 and last traded at $2.4850. Approximately 25,748,550 shares were traded during trading, a decline of 72% from the average daily volume of 91,375,742 shares. The stock had previously closed at $2.69.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PLUG shares. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Plug Power in a research note on Tuesday, March 3rd. BMO Capital Markets restated an “underperform” rating and set a $1.00 price objective on shares of Plug Power in a research note on Tuesday, March 3rd. Oppenheimer reiterated a “market perform” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Wells Fargo & Company raised their price target on Plug Power from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 4th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus target price of $3.00.

Plug Power Trading Up 0.2%

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.46 and a current ratio of 2.31. The firm has a market cap of $3.70 billion, a P/E ratio of -1.95 and a beta of 1.79. The business’s fifty day moving average is $2.14 and its 200-day moving average is $2.39.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, March 2nd. The electronics maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Plug Power had a negative net margin of 229.83% and a negative return on equity of 45.97%. The firm had revenue of $225.22 million during the quarter, compared to the consensus estimate of $217.38 million. During the same quarter last year, the firm earned ($1.48) earnings per share. Analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In other Plug Power news, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $2.17, for a total value of $86,800.00. Following the sale, the insider owned 333,809 shares in the company, valued at approximately $724,365.53. The trade was a 10.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Plug Power

Institutional investors have recently added to or reduced their stakes in the stock. Kovack Advisors Inc. bought a new position in Plug Power during the 3rd quarter worth approximately $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Plug Power by 116.7% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock valued at $26,000 after buying an additional 7,000 shares during the period. Sender Co & Partners Inc. bought a new stake in Plug Power during the second quarter valued at $26,000. Yousif Capital Management LLC bought a new stake in Plug Power during the third quarter valued at $27,000. Finally, Prakash Investment Advisors LLC acquired a new stake in Plug Power during the 3rd quarter worth about $27,000. 43.48% of the stock is currently owned by institutional investors.

About Plug Power

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.