Plug Power Inc. [NASDAQ: PLUG] plunged by -$0.72 during the normal trading session on Friday and reaching a high of $22.82 during the day while it closed the day at $21.02. The company report on April 28, 2022 that Olin and Plug Power Partner to Produce Green Hydrogen in 15 Ton Per Day Plant to Serve North America.
Olin Corporation (NYSE: OLN), a leading vertically integrated chlor alkali producer and marketer, and Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced today the signing of a memorandum of understanding (MOU) with the intention to create a joint venture (JV) to produce and market green hydrogen to support growing fuel cell demand in the global hydrogen economy.
The JV is the first of its kind and will provide reliability of supply and speed to market for green hydrogen throughout North America, setting the foundation for broader collaboration between the two companies. The first production plant in St. Gabriel, Louisiana will produce 15 tons per day (tpd) of green hydrogen.
Plug Power Inc. stock has also loss -4.63% of its value over the past 7 days. However, PLUG stock has inclined by 12.05% in the 3 months of the year. Over the past six months meanwhile, it has lost -43.36% and lost -25.54% year-on date.
The market cap for PLUG stock reached $12.57 billion, with 577.04 million shares outstanding and 519.12 million shares in the current float. Compared to the average trading volume of 20.65M shares, PLUG reached a trading volume of 16338754 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Plug Power Inc. [PLUG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PLUG shares is $40.96 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PLUG stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Susquehanna have made an estimate for Plug Power Inc. shares, keeping their opinion on the stock as Positive, with their previous recommendation back on March 02, 2022. While these analysts kept the previous recommendation, RBC Capital Mkts dropped their target price from $39 to $33. The new note on the price target was released on March 02, 2022, representing the official price target for Plug Power Inc. stock. Previously, the target price had yet another drop from $42 to $38, while JP Morgan kept a Overweight rating on PLUG stock. On March 02, 2022, analysts decreased their price target for PLUG shares from 50 to 46.
The Average True Range (ATR) for Plug Power Inc. is set at 1.87, with the Price to Sales ratio for PLUG stock in the period of the last 12 months amounting to 25.02. The Price to Book ratio for the last quarter was 2.63, with the Price to Cash per share for the same quarter was set at 6.23.
PLUG stock trade performance evaluation
Plug Power Inc. [PLUG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.63. With this latest performance, PLUG shares dropped by -25.96% in over the last four-week period, additionally sinking by -43.36% over the last 6 months – not to mention a drop of -26.27% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PLUG stock in for the last two-week period is set at 35.45, with the RSI for the last a single of trading hit 29.46, and the three-weeks RSI is set at 39.45 for Plug Power Inc. [PLUG]. The present Moving Average for the last 50 days of trading for this stock 25.26, while it was recorded at 21.99 for the last single week of trading, and 28.10 for the last 200 days.
Plug Power Inc. [PLUG]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Plug Power Inc. [PLUG] shares currently have an operating margin of -79.41 and a Gross Margin at -30.72. Plug Power Inc.’s Net Margin is presently recorded at -91.56.
Return on Equity for this stock declined to -15.15, with Return on Assets sitting at -11.22.
Plug Power Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 9.90 and a Current Ratio set at 10.60.
Plug Power Inc. [PLUG]: Insider Ownership positions
There are presently around $6,351 million, or 55.10% of PLUG stock, in the hands of institutional investors. The top three institutional holders of PLUG stocks are: VANGUARD GROUP INC with ownership of 49,661,545, which is approximately 0.51% of the company’s market cap and around 0.30% of the total institutional ownership; BLACKROCK INC., holding 48,032,562 shares of the stock with an approximate value of $1.01 billion in PLUG stocks shares; and ALLIANZ ASSET MANAGEMENT GMBH, currently with $475.76 million in PLUG stock with ownership of nearly 29.303% of the company’s market capitalization.
Positions in Plug Power Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 326 institutional holders increased their position in Plug Power Inc. [NASDAQ:PLUG] by around 34,198,642 shares. Additionally, 224 investors decreased positions by around 23,596,419 shares, while 104 investors held positions by with 244,329,390 shares. The mentioned changes placed institutional holdings at 302,124,451 shares, according to the latest SEC report filing. PLUG stock had 108 new institutional investments in for a total of 4,726,492 shares, while 63 institutional investors sold positions of 4,661,136 shares during the same period.