Plug Power (NASDAQ:PLUG) Stock Price Down 9.2% After Earnings Miss

Plug Power, Inc. (NASDAQ:PLUG) shares traded down 9.2% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $1.44 and last traded at $1.44. 32,423,891 shares changed hands during trading, a decline of 63% from the average session volume of 87,856,344 shares. The stock had previously closed at $1.58.

The electronics maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 85.30%. The business had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Jefferies Financial Group raised their price objective on Plug Power from $0.90 to $1.60 and gave the company a “hold” rating in a research note on Wednesday, July 23rd. Morgan Stanley reduced their price objective on Plug Power from $1.25 to $0.50 and set an “underweight” rating for the company in a research note on Monday, May 19th. Canaccord Genuity Group reduced their price objective on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Tuesday, May 13th. Piper Sandler reduced their price objective on Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a research note on Wednesday, May 14th. Finally, Susquehanna raised their price objective on Plug Power from $1.00 to $1.80 and gave the company a “neutral” rating in a research note on Monday, July 21st. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $1.84.

Insider Buying and Selling

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The shares were acquired at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the acquisition, the insider owned 2,558,064 shares of the company’s stock, valued at $2,634,805.92. The trade was a 34.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of PLUG. Miracle Mile Advisors LLC bought a new stake in Plug Power during the first quarter worth $26,000. Ground Swell Capital LLC bought a new stake in Plug Power during the fourth quarter worth $27,000. Baader Bank Aktiengesellschaft bought a new stake in Plug Power during the first quarter worth $28,000. O ROURKE & COMPANY Inc bought a new stake in Plug Power during the second quarter worth $30,000. Finally, Abel Hall LLC bought a new stake in Plug Power during the second quarter worth $30,000. 43.48% of the stock is currently owned by institutional investors.

Plug Power Stock Down 2.5%

The firm has a market capitalization of $1.77 billion, a P/E ratio of -0.67 and a beta of 2.35. The stock has a fifty day moving average of $1.43 and a 200 day moving average of $1.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07.

Plug Power Company Profile

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.