Plug Power (NASDAQ:PLUG) Sets New 12-Month Low at $2.20

Shares of Plug Power Inc. (NASDAQ:PLUG) hit a new 52-week low on Friday . The stock traded as low as $2.20 and last traded at $2.23, with a volume of 6781461 shares traded. The stock had previously closed at $2.32.

Analysts Set New Price Targets

PLUG has been the subject of several research reports. TD Cowen dropped their price target on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Piper Sandler dropped their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Citigroup cut Plug Power from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.25 to $2.00 in a report on Friday, April 5th. Canaccord Genuity Group dropped their target price on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Finally, Morgan Stanley dropped their target price on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. Four equities research analysts have rated the stock with a sell rating, fifteen have given 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 has an average rating of “Hold” and a consensus target price of $5.48.

Plug Power Stock Down 6.9 %

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 company has a market cap of $1.60 billion, a price-to-earnings ratio of -0.92 and a beta of 1.81. The business has a 50-day simple moving average of $2.75 and a 200-day simple moving average of $3.12.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $162.92 million. On average, equities analysts anticipate that Plug Power Inc. will post -1.12 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of Plug Power

Several hedge funds have recently modified their holdings of the business. Treasurer of the State of North Carolina lifted its holdings in shares of Plug Power by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock valued at $1,049,000 after buying an additional 2,280 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Plug Power by 15.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock valued at $84,000 after buying an additional 2,526 shares during the period. Prime Capital Investment Advisors LLC lifted its holdings in shares of 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 period. Stratos Wealth Partners LTD. lifted its holdings in shares of 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 period. Finally, Pitcairn Co. raised its holdings in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 4,169 shares during the last quarter. 43.48% of the stock is 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.