Plug Power (NASDAQ:PLUG) Trading 3.6% Higher – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) rose 3.6% during trading on Friday . The company traded as high as $2.20 and last traded at $2.17. Approximately 23,674,536 shares were traded during trading, a decline of 69% from the average daily volume of 76,988,453 shares. The stock had previously closed at $2.09.

Analysts Set New Price Targets

PLUG has been the subject of several recent research reports. StockNews.com upgraded shares of Plug Power to a “sell” rating in a report on Wednesday. Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company cut their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Piper Sandler decreased their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus price target of $4.46.

Plug Power Price Performance

The stock has a 50 day moving average of $2.36 and a 200-day moving average of $2.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company has a market cap of $1.90 billion, a PE ratio of -0.97 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data 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). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the company posted ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% on a year-over-year basis. Equities analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently bought and sold shares of PLUG. Geode Capital Management LLC increased its stake in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. grew its position in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. Van ECK Associates Corp raised its stake in shares of Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after buying an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Plug Power by 24.5% in the 3rd 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 buying an additional 476,060 shares during the period. 43.48% of the stock is currently 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.