Plug Power (NASDAQ:PLUG) Stock Price Up 1.6% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) shares shot up 1.6% during trading on Tuesday . The company traded as high as $2.62 and last traded at $2.55. 38,499,174 shares were traded during trading, a decline of 3% from the average session volume of 39,819,305 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

A number of research analysts have issued reports on PLUG shares. Canaccord Genuity Group reduced their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Craig Hallum reduced their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Susquehanna lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Finally, Truist Financial lowered their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Four 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 given 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 an average target price of $5.01.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The business has a fifty day moving average of $2.05 and a 200 day moving average of $2.43. The stock has a market cap of $1.73 billion, a PE ratio of -0.83 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) EPS. Sell-side analysts anticipate that Plug Power Inc. will post -1.16 earnings per share for the current year.

Institutional Trading of Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of the company. KBC Group NV grew its position in shares of Plug Power by 1.4% in the 3rd quarter. KBC Group NV now owns 504,808 shares of the electronics maker’s stock worth $1,141,000 after acquiring an additional 7,040 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Plug Power by 17.3% in the third quarter. Victory Capital Management Inc. now owns 103,382 shares of the electronics maker’s stock worth $234,000 after purchasing an additional 15,280 shares during the period. Nations Financial Group Inc. IA ADV increased its stake in Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 4,700 shares during the last quarter. Sigma Planning Corp raised its holdings in shares of Plug Power by 26.4% during the third quarter. Sigma Planning Corp now owns 42,367 shares of the electronics maker’s stock worth $96,000 after purchasing an additional 8,837 shares during the period. Finally, Harvest Portfolios Group Inc. grew its position in shares of Plug Power by 26.0% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 159,550 shares of the electronics maker’s stock valued at $361,000 after buying an additional 32,964 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

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.