Plug Power (PLUG) Trading Down 6.5%
Plug Power Inc (NASDAQ:PLUG) was down 6.5% during trading on Tuesday . The stock traded as low as $2.59 and last traded at $2.59. Approximately 9,406,498 shares were traded during mid-day trading, an increase of 95% from the average daily volume of 4,831,657 shares. The stock had previously closed at $2.77.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Plug Power from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. B. Riley reissued a “buy” rating and set a $3.50 price objective on shares of Plug Power in a report on Thursday, March 14th. BidaskClub upgraded shares of Plug Power from a “hold” rating to a “buy” rating in a research report on Friday, March 15th. ValuEngine raised shares of Plug Power from a “hold” rating to a “buy” rating in a research note on Saturday, March 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Plug Power in a research report on Thursday, January 10th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $2.58.
The company has a debt-to-equity ratio of 66.88, a current ratio of 1.06 and a quick ratio of 0.74. The company has a market capitalization of $647.74 million, a P/E ratio of -7.19 and a beta of 1.77.
In other news, CEO Andrew Marsh acquired 12,286 shares of Plug Power stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average price of $2.44 per share, with a total value of $29,977.84. Following the purchase, the chief executive officer now directly owns 465,145 shares of the company’s stock, valued at $1,134,953.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director George C. Mcnamee acquired 100,000 shares of Plug Power stock in a transaction that occurred on Monday, March 18th. The shares were purchased at an average cost of $2.34 per share, for a total transaction of $234,000.00. Following the purchase, the director now directly owns 826,282 shares in the company, valued at $1,933,499.88. The disclosure for this purchase can be found here. Corporate insiders own 5.10% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of PLUG. Legal & General Group Plc increased its position in shares of Plug Power by 27.4% in the 4th quarter. Legal & General Group Plc now owns 39,763 shares of the electronics maker’s stock valued at $50,000 after buying an additional 8,556 shares in the last quarter. Advisor Group Inc. lifted its holdings in Plug Power by 38.0% during the fourth quarter. Advisor Group Inc. now owns 53,000 shares of the electronics maker’s stock worth $66,000 after acquiring an additional 14,590 shares in the last quarter. Northern Trust Corp grew its stake in Plug Power by 0.6% in the fourth quarter. Northern Trust Corp now owns 2,632,446 shares of the electronics maker’s stock valued at $3,264,000 after acquiring an additional 16,140 shares during the period. KBC Group NV grew its stake in Plug Power by 3.8% in the fourth quarter. KBC Group NV now owns 524,923 shares of the electronics maker’s stock valued at $651,000 after acquiring an additional 19,138 shares during the period. Finally, Amalgamated Bank grew its stake in Plug Power by 154.8% in the fourth quarter. Amalgamated Bank now owns 32,671 shares of the electronics maker’s stock valued at $41,000 after acquiring an additional 19,851 shares during the period. Institutional investors own 26.78% of the company’s stock.
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About Plug Power (NASDAQ:PLUG)
Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.
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