Plug Power (NASDAQ:PLUG) Stock Price Down 4.9%

Plug Power Inc. (NASDAQ:PLUG) shares dropped 4.9% during mid-day trading on Monday . The company traded as low as $2.83 and last traded at $2.92. Approximately 21,832,626 shares changed hands during trading, a decline of 44% from the average daily volume of 39,240,379 shares. The stock had previously closed at $3.07.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PLUG. Canaccord Genuity Group dropped their target price on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Monday, May 13th. Piper Sandler decreased their target price on Plug Power from $2.90 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, May 10th. B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Citigroup downgraded Plug Power from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $3.25 to $2.00 in a research note on Friday, April 5th. Finally, Morgan Stanley lowered their target price on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Friday, May 10th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.49.

Plug Power Stock Performance

The firm’s 50 day moving average is $2.86 and its 200 day moving average is $3.26. 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 stock has a market cap of $2.32 billion, a P/E ratio of -1.25 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 for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The business had revenue of $120.26 million for the quarter, compared to analysts’ expectations of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. Analysts anticipate that Plug Power Inc. will post -1.13 EPS for the current year.

Insider Activity

In related news, Director George C. Mcnamee sold 10,000 shares of Plug Power 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 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 at the SEC website. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Plug Power

A number of institutional investors and hedge funds have recently modified their holdings of PLUG. Mosley Wealth Management acquired a new stake in Plug Power during the 1st quarter worth $35,000. J.W. Cole Advisors Inc. purchased a new stake in shares of Plug Power in the first quarter valued at approximately $36,000. HBK Sorce Advisory LLC acquired a new stake in shares of Plug Power in the first quarter valued at approximately $37,000. FAS Wealth Partners Inc. acquired a new position in Plug Power during the fourth quarter worth $45,000. Finally, Independent Advisor Alliance purchased a new stake in shares of Plug Power in the fourth quarter valued at about $45,000. Hedge funds and other 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.