Plug Power (NASDAQ:PLUG) Sets New 1-Year Low at $2.24

Plug Power Inc. (NASDAQ:PLUG)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.24 and last traded at $2.24, with a volume of 17408424 shares traded. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several analyst reports. B. Riley raised Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Citigroup lowered shares of Plug Power from a “neutral” rating to a “sell” rating and reduced their target price for the company from $3.25 to $2.00 in a research note on Friday, April 5th. Evercore ISI reduced their price objective on Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a research report on Monday, March 4th. Canaccord Genuity Group lowered their target price on Plug Power from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Monday, May 13th. Finally, Piper Sandler cut their price target on shares of Plug Power from $2.90 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $5.49.

Plug Power Stock Performance

The firm’s 50 day moving average price is $2.82 and its 200-day moving average price is $3.38. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $120.26 million for the quarter, compared to the consensus estimate of $162.92 million. On average, sell-side analysts anticipate that Plug Power Inc. will post -1.13 earnings per share for the current year.

Insider Activity at Plug Power

In other news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 639,572 shares in the company, valued at approximately $1,637,304.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently modified their holdings of PLUG. Vanguard Group Inc. grew its position in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares during the period. Norges Bank acquired a new position in Plug Power during the 4th quarter worth approximately $97,800,000. Pinnacle Associates Ltd. boosted its position in Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Plug Power by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after acquiring an additional 102,095 shares during the last quarter. Finally, Swedbank AB acquired a new position in Plug Power during the 1st quarter worth approximately $10,687,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

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.