Plug Power (NASDAQ:PLUG) Hits New 12-Month Low at $2.24

Shares of Plug Power Inc. (NASDAQ:PLUG) reached a new 52-week low on Tuesday . The stock traded as low as $2.24 and last traded at $2.24, with a volume of 17408424 shares trading hands. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Piper Sandler decreased their price objective on Plug Power from $2.90 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. Morgan Stanley decreased their price objective on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. Marathon Capitl restated an “equal weight” rating on shares of Plug Power in a report on Tuesday, March 26th. B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.49.

Plug Power Stock Performance

The stock has a 50-day moving average of $2.82 and a 200 day moving average of $3.36. 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 earnings results on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The firm 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%. Sell-side analysts predict that Plug Power Inc. will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the business’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 value of $25,600.00. Following the completion of the transaction, the director now directly owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLUG. Mariner LLC lifted its holdings in Plug Power by 12.8% in the third quarter. Mariner LLC now owns 107,043 shares of the electronics maker’s stock valued at $813,000 after acquiring an additional 12,167 shares during the period. Stifel Financial Corp raised its stake in shares of Plug Power by 65.7% during the 3rd quarter. Stifel Financial Corp now owns 496,725 shares of the electronics maker’s stock worth $3,775,000 after buying an additional 196,924 shares during the period. Treasurer of the State of North Carolina raised its stake in shares of Plug Power by 1.7% during the 3rd quarter. Treasurer of the State of North Carolina now owns 230,912 shares of the electronics maker’s stock worth $1,755,000 after buying an additional 3,910 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Plug Power by 6.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 58,648 shares of the electronics maker’s stock worth $446,000 after buying an additional 3,450 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Plug Power by 9.3% during the 3rd quarter. Schroder Investment Management Group now owns 2,720,386 shares of the electronics maker’s stock worth $20,675,000 after buying an additional 230,426 shares during the period. 43.48% of the stock is 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.