Plug Power (NASDAQ:PLUG) Trading Down 11.2% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) shares fell 11.2% during mid-day trading on Wednesday . The stock traded as low as $1.70 and last traded at $1.90. 218,147,965 shares were traded during trading, an increase of 125% from the average session volume of 96,799,383 shares. The stock had previously closed at $2.14.

Analysts Set New Price Targets

PLUG has been the subject of several recent research reports. Canaccord Genuity Group increased their price target on Plug Power from $1.25 to $2.50 and gave the company a “hold” rating in a research report on Tuesday, November 11th. Wells Fargo & Company increased their price objective on Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a report on Thursday, August 14th. Cowen reissued a “buy” rating on shares of Plug Power in a research note on Wednesday. Jefferies Financial Group upped their price target on shares of Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a research report on Wednesday, July 23rd. Finally, Wall Street Zen cut shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.42.

Plug Power Trading Down 11.2%

The business has a 50 day moving average of $2.74 and a two-hundred day moving average of $1.82. The firm has a market cap of $2.19 billion, a P/E ratio of -0.82 and a beta of 2.28. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. The firm had revenue of $177.06 million for the quarter, compared to the consensus estimate of $185.41 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. Plug Power has set its FY 2025 guidance at EPS. Analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In related news, EVP Benjamin Haycraft sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $2.92, for a total value of $29,200.00. Following the sale, the executive vice president directly owned 467,583 shares of the company’s stock, valued at $1,365,342.36. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Kovack Advisors Inc. acquired a new stake in shares of Plug Power in the third quarter valued at about $26,000. Yousif Capital Management LLC bought a new stake in Plug Power in the third quarter valued at approximately $27,000. Prakash Investment Advisors LLC acquired a new stake in Plug Power during the 3rd quarter valued at approximately $27,000. Prime Capital Investment Advisors LLC bought a new position in Plug Power during the 3rd quarter worth approximately $30,000. Finally, Oak Thistle LLC acquired a new position in shares of Plug Power in the 3rd quarter worth approximately $30,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.