Plug Power (NASDAQ:PLUG) Trading 6.6% Higher – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 6.6% on Friday . The stock traded as high as $2.28 and last traded at $2.27. Approximately 30,014,393 shares changed hands during trading, a decline of 28% from the average daily volume of 41,782,125 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PLUG shares. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Susquehanna lowered their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Evercore ISI lowered their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Piper Sandler lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, Royal Bank of Canada lowered their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

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 50 day moving average of $2.09 and a 200 day moving average of $2.37. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -1.00 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last released 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter last year, the firm posted ($0.47) EPS. The company’s revenue was down 12.6% compared to the same quarter last year. As a group, equities research analysts expect that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vontobel Holding Ltd. increased its holdings in Plug Power by 44.3% in the third 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. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Plug Power by 25.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after buying an additional 400,120 shares during the last quarter. Diversified Trust Co bought a new stake in Plug Power in the second quarter valued at about $35,000. Tidal Investments LLC increased its holdings in Plug Power by 57.8% in the first quarter. Tidal Investments LLC now owns 234,580 shares of the electronics maker’s stock valued at $807,000 after buying an additional 85,923 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Plug Power by 134.0% in the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after buying an additional 1,407,858 shares during the last quarter. Institutional investors and hedge funds 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.