Plug Power (NASDAQ:PLUG) Shares Down 5.6%

Shares of Plug Power Inc. (NASDAQ:PLUG) dropped 5.6% on Thursday . The company traded as low as $3.19 and last traded at $3.22. Approximately 6,799,122 shares changed hands during trading, a decline of 84% from the average daily volume of 41,372,523 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

Several brokerages recently commented on PLUG. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research report on Tuesday, May 14th. B. Riley dropped their price objective on shares of Plug Power from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Canaccord Genuity Group reduced their target price on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Monday, May 13th. Roth Capital upgraded Plug Power from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 31st. Finally, UBS Group cut Plug Power from a “buy” rating to a “neutral” rating and set a $4.75 price objective for the company. in a research note on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.49.

Plug Power Trading Down 9.7 %

The company has a fifty day moving average of $2.99 and a 200-day moving average of $3.67. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -1.34 and a beta of 1.64.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The business had revenue of $222.20 million for the quarter, compared to analyst estimates of $234.21 million. During the same period last year, the firm earned ($0.38) EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Plug Power Inc. will post -1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director George C. Mcnamee sold 10,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the sale, the director now owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently modified their holdings of the business. Mosley Wealth Management purchased a new position in Plug Power during the first quarter worth about $35,000. J.W. Cole Advisors Inc. acquired a new position in Plug Power during the first quarter worth $36,000. HBK Sorce Advisory LLC purchased a new position in shares of Plug Power during the first quarter worth $37,000. FAS Wealth Partners Inc. purchased a new stake in shares of Plug Power in the 4th quarter valued at $45,000. Finally, Independent Advisor Alliance purchased a new position in Plug Power during the 4th quarter valued at about $45,000. 43.48% of the stock is currently 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.