Plug Power (NASDAQ:PLUG) Shares Up 2.4% – Time to Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) traded up 2.4% during trading on Monday . The company traded as high as $1.93 and last traded at $1.92. 11,374,176 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 41,072,801 shares. The stock had previously closed at $1.87.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Royal Bank of Canada cut their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Finally, Jefferies Financial Group dropped their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company’s 50 day moving average is $2.08 and its 200 day moving average is $2.40. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -0.90 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm’s revenue was down 12.6% compared to the same quarter last year. During the same period last year, the company posted ($0.47) EPS. On average, equities research analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds have recently bought and sold shares of the business. SteelPeak Wealth LLC acquired a new stake in Plug Power in the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in Plug Power in the 2nd quarter valued at $26,000. Aire Advisors LLC bought a new position in Plug Power during the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC bought a new position in Plug Power during the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC bought a new position in Plug Power during the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.