Plug Power (NASDAQ:PLUG) Stock Price Down 7.1% – What’s Next?

Shares of Plug Power, Inc. (NASDAQ:PLUG) traded down 7.1% during mid-day trading on Wednesday . The stock traded as low as $2.14 and last traded at $2.1450. 78,241,991 shares changed hands during trading, a decline of 19% from the average session volume of 96,697,938 shares. The stock had previously closed at $2.31.

Analyst Upgrades and Downgrades

Several research firms have commented on PLUG. Morgan Stanley reaffirmed an “underweight” rating and set a $1.50 target price on shares of Plug Power in a research note on Thursday, October 16th. TD Cowen cut shares of Plug Power from a “buy” rating to a “hold” rating in a research note on Friday, January 9th. Susquehanna decreased their target price on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a research note on Monday, November 17th. Canaccord Genuity Group set a $7.00 target price on Plug Power in a report on Monday, November 24th. Finally, Clear Str raised Plug Power from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.73.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.70 and a current ratio of 1.32. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of -0.94 and a beta of 1.68. The company has a 50 day moving average of $2.17 and a 200 day moving average of $2.18.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%.The firm had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. As a group, equities research analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In other Plug Power news, insider Jose Luis Crespo bought 37,300 shares of the company’s stock in a transaction on Monday, December 15th. The shares were bought at an average price of $2.34 per share, for a total transaction of $87,282.00. Following the transaction, the insider owned 307,332 shares of the company’s stock, valued at approximately $719,156.88. This trade represents a 13.81% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Haycraft sold 40,000 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $2.17, for a total value of $86,800.00. Following the transaction, the insider directly owned 333,809 shares of the company’s stock, valued at approximately $724,365.53. This trade represents a 10.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 90,000 shares of company stock valued at $204,000 in the last 90 days. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Plug Power by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock worth $3,520,000 after purchasing an additional 297,754 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Plug Power during the 1st quarter worth $37,000. CX Institutional raised its position in shares of Plug Power by 2,039.8% in the 2nd quarter. CX Institutional now owns 41,961 shares of the electronics maker’s stock worth $63,000 after buying an additional 40,000 shares during the period. Carr Financial Group Corp acquired a new position in Plug Power in the second quarter valued at $53,000. Finally, Brave Asset Management Inc. grew its position in Plug Power by 603.8% during the second quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock valued at $209,000 after acquiring an additional 120,450 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 is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.