Plug Power (NASDAQ:PLUG) Shares Up 3.4% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price shot up 3.4% during trading on Wednesday . The company traded as high as $2.92 and last traded at $2.75. 33,647,093 shares traded hands during trading, a decline of 57% from the average session volume of 77,443,867 shares. The stock had previously closed at $2.66.

Analysts Set New Price Targets

A number of research firms recently commented on PLUG. Jefferies Financial Group dropped their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group lowered 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. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Up 4.5 %

The firm has a 50-day moving average of $2.30 and a 200 day moving average of $2.24. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -1.30 and a beta of 1.79. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last announced 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 business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the company earned ($0.47) earnings per share. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, sell-side analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently made changes to their positions in PLUG. Profund Advisors LLC bought a new stake in shares of Plug Power in the 2nd quarter valued at approximately $29,000. Prio Wealth Limited Partnership bought a new position in shares of Plug Power in the third quarter worth $29,000. Catalyst Capital Advisors LLC lifted 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 buying an additional 5,631 shares during the period. Millburn Ridgefield Corp lifted its holdings in shares of Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares during the period. Finally, First Commonwealth Financial Corp PA acquired a new stake in shares of Plug Power in the third quarter valued at $29,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.