Plug Power (NASDAQ:PLUG) Shares Gap Up – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) gapped up before the market opened on Wednesday . The stock had previously closed at $2.66, but opened at $2.86. Plug Power shares last traded at $2.88, with a volume of 17,330,204 shares.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several analyst reports. Jefferies Financial Group cut their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Susquehanna increased their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Thursday. Piper Sandler dropped their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Canaccord Genuity Group dropped their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Wells Fargo & Company dropped their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Four 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and an average target price of $4.55.

Plug Power Stock Performance

The company has a market cap of $2.50 billion, a price-to-earnings ratio of -1.28 and a beta of 1.79. The stock’s fifty day simple moving average is $2.33 and its two-hundred day simple moving average is $2.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.47) EPS. Equities research analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the business. Profund Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter valued at $29,000. Prio Wealth Limited Partnership purchased a new position in shares of Plug Power in the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC raised its stake in shares of Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. First Commonwealth Financial Corp PA purchased a new position in shares of Plug Power in the 3rd quarter valued at $29,000. Finally, Millburn Ridgefield Corp raised its stake in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. Hedge funds and other 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.