Plug Power (NASDAQ:PLUG) Trading Down 1.7% – Here’s Why

Shares of Plug Power, Inc. (NASDAQ:PLUG) traded down 1.7% during trading on Friday . The stock traded as low as $2.30 and last traded at $2.32. 114,061,634 shares were traded during mid-day trading, an increase of 18% from the average session volume of 96,887,594 shares. The stock had previously closed at $2.36.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research note on Wednesday, October 8th. Susquehanna dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a report on Monday, November 17th. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a report on Thursday, October 9th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Plug Power in a research note on Monday, November 24th. Finally, Wells Fargo & Company raised their price target on Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.80.

Plug Power Trading Down 1.7%

The company has a market cap of $3.23 billion, a PE ratio of -0.98 and a beta of 1.74. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.70. The company has a 50-day moving average of $2.71 and a 200 day moving average of $1.95.

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

Insider Buying and Selling

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $2.92, for a total transaction of $29,200.00. Following the transaction, the executive vice president owned 467,583 shares in the company, valued at $1,365,342.36. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Plug Power

A number of large investors have recently made changes to their positions in PLUG. Brave Asset Management Inc. boosted its position in shares of 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 buying an additional 120,450 shares during the period. Legal & General Group Plc lifted its stake in shares of Plug Power by 59.9% during the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock worth $25,301,000 after acquiring an additional 6,364,483 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its holdings in Plug Power by 3,034.2% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock valued at $973,000 after acquiring an additional 632,117 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock valued at $5,656,000 after acquiring an additional 3,794,740 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock valued at $35,872,000 after acquiring an additional 3,125,542 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.