Plug Power (NASDAQ:PLUG) Trading Up 1.6% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares shot up 1.6% on Wednesday . The stock traded as high as $2.01 and last traded at $1.95. 19,108,451 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 41,246,230 shares. The stock had previously closed at $1.92.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Jefferies Financial Group cut their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Piper Sandler reduced their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Craig Hallum cut their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Evercore ISI decreased their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group cut their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Down 1.0 %

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 firm’s 50-day simple moving average is $2.08 and its 200 day simple moving average is $2.40. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -0.91 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 the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.47) earnings per share. Equities analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Trading of Plug Power

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

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.