Plug Power (NASDAQ:PLUG) Trading 1% Higher – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) was up 1% during trading on Wednesday . The company traded as high as $2.14 and last traded at $2.08. Approximately 7,764,527 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 39,054,656 shares. The stock had previously closed at $2.06.

Wall Street Analyst Weigh In

PLUG has been the topic of several research reports. Piper Sandler reduced their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Craig Hallum cut their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Canaccord Genuity Group decreased their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. B. Riley raised shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Jefferies Financial Group decreased their target price 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, fifteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus price target of $5.01.

Plug Power Stock Up 0.5 %

The business’s 50 day moving average is $2.03 and its 200-day moving average is $2.51. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -0.88 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same period in the prior year, the company posted ($0.35) EPS. The firm’s revenue was down 44.9% on a year-over-year basis. On average, sell-side analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. SteelPeak Wealth LLC purchased a new stake in Plug Power during the 2nd quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power in the second quarter valued at $26,000. Aire Advisors LLC purchased a new position in Plug Power in the second quarter valued at $28,000. Madison Park Capital Advisors LLC acquired a new position in Plug Power during the 2nd quarter worth $29,000. Finally, Profund Advisors LLC purchased a new stake in Plug Power during the 2nd quarter worth about $29,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.