Plug Power (NASDAQ:PLUG) Trading Up 8.8% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares shot up 8.8% during mid-day trading on Friday . The stock traded as high as $1.81 and last traded at $1.80. 60,934,874 shares were traded during trading, a decline of 11% from the average session volume of 68,103,344 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PLUG. Morgan Stanley reduced their target price on Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research note on Thursday. Susquehanna reduced their price target on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research note on Wednesday. Evercore ISI reduced their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Craig Hallum reduced their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Plug Power presently has a consensus rating of “Hold” and an average target price of $2.34.

Plug Power Stock Up 7.9 %

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 fifty day simple moving average of $2.05 and a 200 day simple moving average of $2.10. The firm has a market capitalization of $1.65 billion, a P/E ratio of -0.83 and a beta of 1.98.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently added to or reduced their stakes in PLUG. Creative Planning lifted its holdings in shares of Plug Power by 35.9% during the third quarter. Creative Planning now owns 115,614 shares of the electronics maker’s stock valued at $261,000 after purchasing an additional 30,552 shares in the last quarter. Private Advisor Group LLC increased its position in Plug Power by 53.2% in the third quarter. Private Advisor Group LLC now owns 65,594 shares of the electronics maker’s stock worth $148,000 after buying an additional 22,770 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Plug Power in the third quarter worth about $204,000. Amalgamated Bank grew its position in shares of Plug Power by 36.6% during the third quarter. Amalgamated Bank now owns 25,444 shares of the electronics maker’s stock worth $58,000 after purchasing an additional 6,822 shares in the last quarter. Finally, Sigma Planning Corp boosted its stake in Plug Power by 26.4% during the third quarter. Sigma Planning Corp now owns 42,367 shares of the electronics maker’s stock valued at $96,000 after buying an additional 8,837 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

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.