Plug Power (NASDAQ:PLUG) Trading 1.5% Higher – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shot up 1.5% during trading on Wednesday . The company traded as high as $1.68 and last traded at $1.65. 26,807,690 shares were traded during mid-day trading, a decline of 62% from the average session volume of 71,424,367 shares. The stock had previously closed at $1.62.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PLUG. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. StockNews.com upgraded Plug Power to a “sell” rating in a report on Monday. Craig Hallum reduced their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Canaccord Genuity Group decreased their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.12.

Plug Power Trading Up 2.3 %

The company has a 50 day moving average of $2.31 and a 200 day moving average of $2.16. The firm has a market cap of $1.51 billion, a P/E ratio of -0.77 and a beta of 1.79. 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) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.47) EPS. Analysts predict that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently modified their holdings of PLUG. Pacific Sage Partners LLC acquired a new position in Plug Power in the 4th quarter valued at $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power during the 4th quarter worth about $25,000. Jones Financial Companies Lllp boosted its stake in Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 6,074 shares during the period. Callan Family Office LLC acquired a new stake in Plug Power in the 4th quarter valued at approximately $27,000. Finally, Prio Wealth Limited Partnership bought a new position in Plug Power in the 3rd quarter worth approximately $29,000. 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.