Plug Power (NASDAQ:PLUG) Trading Up 11.3% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s stock price shot up 11.3% during trading on Thursday . The company traded as high as $2.37 and last traded at $2.37. 20,049,624 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 43,635,922 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

PLUG has been the subject of a number of analyst reports. Evercore ISI cut their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Craig Hallum reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. Piper Sandler decreased their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Finally, BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Up 12.2 %

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The business has a 50 day simple moving average of $2.21 and a two-hundred day simple moving average of $2.23. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -1.12 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last released 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 firm had revenue of $173.70 million for 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 company’s quarterly revenue was down 12.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.47) EPS. As a group, equities analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Plug Power

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