Plug Power (NASDAQ:PLUG) Shares Down 1.4%

Plug Power Inc. (NASDAQ:PLUG) shares dropped 1.4% on Monday . The stock traded as low as $1.95 and last traded at $2.13. Approximately 18,819,441 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 39,965,977 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

A number of research analysts have weighed in on PLUG shares. Morgan Stanley reduced 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. Susquehanna cut their target price on Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. Piper Sandler cut their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. B. Riley raised Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Canaccord Genuity Group dropped their price objective on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Monday, May 13th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.48.

Plug Power Trading Up 2.3 %

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 capitalization of $1.64 billion, a PE ratio of -0.89 and a beta of 1.81. The stock has a 50-day moving average price of $2.73 and a two-hundred day moving average price of $3.12.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data 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). 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 analysts’ expectations of $162.92 million. As a group, equities analysts forecast that Plug Power Inc. will post -1.1 earnings per share for the current year.

Insider Activity at Plug Power

In related news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction 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 completion of 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 SEC, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Plug Power

Large investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Plug Power in the 4th quarter worth $97,800,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of Plug Power by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after buying an additional 33,311 shares during the period. Rafferty Asset Management LLC lifted its holdings in shares of Plug Power by 69.5% in the 4th quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after buying an additional 147,435 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Plug Power by 104.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 651,695 shares of the electronics maker’s stock worth $2,933,000 after buying an additional 333,708 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Plug Power by 3.1% in 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 buying an additional 102,095 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.