Plug Power (NASDAQ:PLUG) Trading Up 3.9% – Still a Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 3.9% during mid-day trading on Thursday . The company traded as high as $1.64 and last traded at $1.64. Approximately 14,653,940 shares changed hands during trading, a decline of 69% from the average daily volume of 47,357,710 shares. The stock had previously closed at $1.58.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of research reports. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Morgan Stanley lowered their target price on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a report on Thursday, March 6th. Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a report on Wednesday, March 5th. Susquehanna lowered their target price on Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Wednesday, March 5th. Finally, B. Riley lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average price target of $2.34.

Plug Power Stock Up 1.6 %

The company has a market cap of $1.48 billion, a price-to-earnings ratio of -0.75 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a 50-day moving average price of $1.91 and a 200 day moving average price of $2.07.

Institutional Trading of Plug Power

Several hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its holdings in Plug Power by 53.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock worth $33,000 after purchasing an additional 5,348 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after purchasing an additional 5,485 shares during the last quarter. Compagnie Lombard Odier SCmA lifted its holdings in Plug Power by 12.8% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 5,550 shares during the last quarter. Millburn Ridgefield Corp raised its holdings 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 acquiring an additional 5,631 shares in the last quarter. Finally, 49 Wealth Management LLC raised its holdings in Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock valued at $62,000 after acquiring an additional 5,834 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.