Plug Power (NASDAQ:PLUG) Trading 9.6% Higher – What’s Next?

Shares of Plug Power Inc. (NASDAQ:PLUG) were up 9.6% during mid-day trading on Friday . The company traded as high as $2.53 and last traded at $2.52. Approximately 27,963,316 shares traded hands during trading, a decline of 35% from the average daily volume of 43,295,191 shares. The stock had previously closed at $2.30.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PLUG shares. 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. Wells Fargo & Company lowered their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. 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. Finally, Canaccord Genuity Group dropped their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Price 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 simple moving average of $2.17 and a 200-day simple moving average of $2.28. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -1.20 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (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 firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter last year, the business earned ($0.47) earnings per share. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, research analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 acquiring an additional 1,354,500 shares in the last quarter. XTX Topco Ltd purchased a new position in Plug Power in the 3rd quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Plug Power by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after buying an additional 476,060 shares during the period. Stifel Financial Corp lifted its stake in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after buying an additional 265,514 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Plug Power by 166.4% in the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares during the period. Institutional investors 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.