Plug Power (NASDAQ:PLUG) Trading 8.3% Higher – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares traded up 8.3% during mid-day trading on Tuesday . The company traded as high as $1.99 and last traded at $2.02. 25,452,631 shares changed hands during trading, a decline of 66% from the average session volume of 75,052,266 shares. The stock had previously closed at $1.86.

Analyst Ratings Changes

PLUG has been the topic of a number of research analyst reports. Susquehanna increased their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. StockNews.com raised shares of Plug Power to a “sell” rating in a research note on Wednesday, January 22nd. Canaccord Genuity Group reduced their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.18.

Plug Power Price Performance

The stock has a market capitalization of $1.77 billion, a P/E ratio of -0.91 and a beta of 1.79. The business’s 50 day moving average price is $2.35 and its 200 day moving average price is $2.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) earnings per share. Sell-side analysts forecast that Plug Power Inc. will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Pacific Sage Partners LLC bought a new stake in Plug Power during the fourth quarter valued at about $25,000. Prio Wealth Limited Partnership purchased a new position in Plug Power during the third quarter worth $29,000. Catalyst Capital Advisors LLC grew its stake in shares of Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares during the last quarter. First Commonwealth Financial Corp PA bought a new stake in shares of Plug Power during the third quarter worth $29,000. Finally, Millburn Ridgefield Corp boosted its position in Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares during the period. 43.48% of the stock is currently 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.