Plug Power (NASDAQ:PLUG) Trading Up 0.2% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price shot up 0.2% during trading on Wednesday . The company traded as high as $2.27 and last traded at $2.21. 13,075,478 shares were traded during trading, a decline of 83% from the average session volume of 77,612,773 shares. The stock had previously closed at $2.20.

Analyst Ratings Changes

Several equities research analysts have recently commented on PLUG shares. Evercore ISI reduced their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Craig Hallum cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Wells Fargo & Company reduced their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group dropped their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Plug Power presently has a consensus rating of “Hold” and an average target price of $4.55.

Plug Power Trading Down 0.5 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.90 billion, a P/E ratio of -0.97 and a beta of 1.79. The business has a fifty day moving average price of $2.36 and a 200 day moving average price of $2.25.

Plug Power (NASDAQ:PLUG) last posted 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 the consensus estimate 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 in the prior year, the business earned ($0.47) earnings per share. On average, analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after buying an additional 1,354,500 shares in the last quarter. XTX Topco Ltd bought a new position in Plug Power in the 3rd quarter valued at about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Plug Power by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after purchasing an additional 265,514 shares in the last quarter. Finally, MetLife Investment Management LLC grew its position in Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after purchasing an additional 265,042 shares in the last quarter. Institutional investors own 43.48% of the company’s stock.

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.