Plug Power (NASDAQ:PLUG) Shares Up 0.6% – Should You Buy?

Plug Power Inc. (NASDAQ:PLUG) shares shot up 0.6% during trading on Tuesday . The stock traded as high as $3.32 and last traded at $3.17. 48,528,053 shares traded hands during trading, a decline of 45% from the average session volume of 88,000,492 shares. The stock had previously closed at $3.15.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PLUG shares. Canaccord Genuity Group decreased their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Evercore ISI lowered their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. Jefferies Financial Group cut their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company lowered their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company has a market capitalization of $2.43 billion, a P/E ratio of -1.25 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a fifty day moving average price of $2.27 and a 200 day moving average price of $2.24.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PLUG. Profund Advisors LLC bought a new position in Plug Power in the 2nd quarter valued at about $29,000. Prio Wealth Limited Partnership acquired a new stake in shares of Plug Power in the 3rd quarter worth approximately $29,000. Catalyst Capital Advisors LLC boosted its holdings in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares in the last quarter. First Commonwealth Financial Corp PA bought a new stake in Plug Power during the third quarter worth approximately $29,000. Finally, Millburn Ridgefield Corp lifted its position in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the period. Institutional investors own 43.48% of the company’s stock.

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.