Plug Power (NASDAQ:PLUG) Stock Price Down 1.8% – Here’s What Happened

by · The Cerbat Gem

Plug Power, Inc. (NASDAQ:PLUG – Get Free Report)’s stock price fell 1.8% during mid-day trading on Monday . The company traded as low as $2.09 and last traded at $2.16. 97,842,579 shares were traded during mid-day trading, an increase of 1% from the average session volume of 96,820,086 shares. The stock had previously closed at $2.20.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several research analyst reports. Susquehanna lowered their price target on Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a research report on Monday, November 17th. BMO Capital Markets decreased their target price on Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a research note on Tuesday, August 12th. Canaccord Genuity Group set a $7.00 price target on Plug Power in a research report on Monday, November 24th. HSBC set a $4.40 price target on Plug Power in a report on Thursday, October 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average price target of $2.80.

View Our Latest Analysis on Plug Power

Plug Power Stock Performance

The stock has a 50-day moving average of $2.72 and a 200 day moving average of $1.95. The firm has a market capitalization of $3.15 billion, a P/E ratio of -0.95 and a beta of 1.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.70 and a current ratio of 1.32.

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

Insider Activity at Plug Power

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the completion of the sale, the executive vice president owned 467,583 shares of the company’s stock, valued at approximately $1,365,342.36. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the business. Heights Capital Management Inc. bought a new stake in Plug Power in the 1st quarter valued at about $31,174,000. Two Sigma Investments LP raised its position in shares of Plug Power by 292.1% in the third quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock valued at $25,236,000 after buying an additional 8,068,713 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Plug Power by 7.6% in the third quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock valued at $255,442,000 after buying an additional 7,789,039 shares during the period. Legal & General Group Plc boosted its stake in shares of Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after buying an additional 6,364,483 shares during the period. Finally, Electron Capital Partners LLC acquired a new stake in Plug Power during the third quarter worth approximately $10,663,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

(Get Free Report)

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.

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