Plug Power (NASDAQ:PLUG) Trading Down 1.2% After Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) fell 1.2% during trading on Monday after Piper Sandler lowered their price target on the stock from $2.50 to $2.40. Piper Sandler currently has an underweight rating on the stock. Plug Power traded as low as $2.43 and last traded at $2.49. 14,910,675 shares were traded during mid-day trading, a decline of 63% from the average session volume of 39,797,766 shares. The stock had previously closed at $2.52.

Several other analysts have also commented on the stock. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Cowen reduced their target price on Plug Power from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Tuesday, May 14th. Morgan Stanley reduced their price objective on Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, May 10th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $4.00 to $3.00 and set a “hold” rating on the stock 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.48.

Insiders Place Their Bets

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 shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the transaction, the director now owns 639,572 shares in the company, valued at $1,637,304.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by insiders.

Institutional Trading of Plug Power

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Plug Power during the fourth quarter worth about $97,800,000. Rafferty Asset Management LLC boosted its holdings in 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 acquiring an additional 147,435 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in 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 acquiring an additional 333,708 shares during the period. Charles Schwab Investment Management Inc. grew its position in Plug Power by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after acquiring an additional 102,095 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Plug Power by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock valued at $242,943,000 after purchasing an additional 283,376 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Trading Down 0.4 %

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -1.04 and a beta of 1.81. The business’s 50-day moving average price is $2.87 and its 200 day moving average price is $3.19. 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 quarterly earnings data 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 analyst estimates of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. On average, equities analysts forecast that Plug Power Inc. will post -1.13 earnings per share for the current fiscal year.

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.