Plug Power (NASDAQ:PLUG) Stock Price Up 3.7% – Still a Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) shot up 3.7% during mid-day trading on Monday . The company traded as high as $2.25 and last traded at $2.23. 12,474,877 shares were traded during trading, a decline of 68% from the average session volume of 39,230,094 shares. The stock had previously closed at $2.15.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PLUG. Piper Sandler reduced their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Truist Financial lowered their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Craig Hallum cut their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Royal Bank of Canada lowered their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus price target of $5.01.

Plug Power Stock Up 4.7 %

The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -0.95 and a beta of 1.79. The firm has a fifty day moving average price of $2.04 and a 200-day moving average price of $2.46. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.35) EPS. As a group, sell-side analysts forecast that Plug Power Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. J.W. Cole Advisors Inc. purchased a new stake in Plug Power during the 1st quarter worth $36,000. HBK Sorce Advisory LLC purchased a new stake in shares of Plug Power during the 1st quarter valued at about $37,000. Nations Financial Group Inc. IA ADV acquired a new position in Plug Power during the 2nd quarter worth approximately $26,000. SteelPeak Wealth LLC purchased a new position in Plug Power in the 2nd quarter worth approximately $26,000. Finally, Aire Advisors LLC acquired a new stake in Plug Power in the second quarter valued at approximately $28,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.