Plug Power (NASDAQ:PLUG) Trading Up 1.8% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 1.8% on Thursday . The company traded as high as $2.31 and last traded at $2.26. 11,254,695 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 43,247,992 shares. The stock had previously closed at $2.22.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLUG. Jefferies Financial Group dropped their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Canaccord Genuity Group reduced their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Craig Hallum decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Evercore ISI cut their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Finally, BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Plug Power has an average rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The business’s 50 day simple moving average is $2.17 and its 200-day simple moving average is $2.28. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -1.20 and a beta of 1.76. 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 issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 12.6% compared to the same quarter last year. During the same period last year, the company earned ($0.47) earnings per share. Research analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nations Financial Group Inc. IA ADV bought a new stake in Plug Power in the second quarter worth about $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power in the 2nd quarter worth approximately $28,000. Profund Advisors LLC acquired a new stake in Plug Power during the second quarter valued at approximately $29,000. Prio Wealth Limited Partnership bought a new stake in Plug Power during the third quarter worth approximately $29,000. Finally, Catalyst Capital Advisors LLC grew its position in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

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.