Plug Power Inc (NASDAQ:PLUG) shares dropped 5.6% during trading on Wednesday . The stock traded as low as $1.40 and last traded at $1.51. Approximately 7,493,011 shares were traded during trading, an increase of 26% from the average daily volume of 5,937,485 shares. The stock had previously closed at $1.60.
PLUG has been the subject of several research analyst reports. Zacks Investment Research downgraded Plug Power from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. HC Wainwright set a $4.00 target price on Plug Power and gave the stock a “buy” rating in a research note on Tuesday, October 16th. ValuEngine upgraded Plug Power from a “hold” rating to a “buy” rating in a research note on Tuesday, October 16th. Cowen set a $3.00 price target on Plug Power and gave the stock a “buy” rating in a report on Tuesday, October 16th. Finally, BidaskClub cut Plug Power from a “hold” rating to a “sell” rating in a report on Wednesday, December 5th. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $3.18.
The firm has a market capitalization of $352.41 million, a price-to-earnings ratio of -2.32 and a beta of 1.21. The company has a quick ratio of 0.60, a current ratio of 1.06 and a debt-to-equity ratio of 10.93.
Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, November 8th. The electronics maker reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. The business had revenue of $55.30 million during the quarter, compared to analysts’ expectations of $50.44 million. Plug Power had a negative return on equity of 170.62% and a negative net margin of 52.31%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. Equities research analysts anticipate that Plug Power Inc will post -0.32 EPS for the current year.
In related news, insider Gerard L. Conway, Jr. sold 100,000 shares of Plug Power stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $1.86, for a total transaction of $186,000.00. Following the completion of the sale, the insider now directly owns 110,519 shares of the company’s stock, valued at approximately $205,565.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 5.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in Plug Power in the 3rd quarter valued at $121,000. Metropolitan Life Insurance Co. NY raised its holdings in Plug Power by 183.4% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock valued at $148,000 after acquiring an additional 47,559 shares in the last quarter. Alps Advisors Inc. raised its holdings in Plug Power by 387.8% in the 3rd quarter. Alps Advisors Inc. now owns 90,509 shares of the electronics maker’s stock valued at $174,000 after acquiring an additional 71,955 shares in the last quarter. Global X Management Co LLC acquired a new position in Plug Power in the 2nd quarter valued at $266,000. Finally, Nomura Holdings Inc. raised its holdings in Plug Power by 67.2% in the 2nd quarter. Nomura Holdings Inc. now owns 369,608 shares of the electronics maker’s stock valued at $747,000 after acquiring an additional 148,511 shares in the last quarter. 27.03% of the stock is owned by hedge funds and other institutional investors.
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Plug Power Company Profile (NASDAQ:PLUG)
Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture 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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