Plug Power (NASDAQ:PLUG) Trading Up 0.5% – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price shot up 0.5% during trading on Thursday . The company traded as high as $1.96 and last traded at $1.93. 12,205,369 shares were traded during mid-day trading, a decline of 70% from the average session volume of 41,327,363 shares. The stock had previously closed at $1.92.

Analyst Ratings Changes

A number of brokerages have recently commented on PLUG. Craig Hallum dropped their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Wells Fargo & Company dropped their price objective 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 dropped their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Finally, BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a 50-day simple moving average of $2.08 and a two-hundred day simple moving average of $2.38.

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). The company 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 company’s revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.47) earnings per share. Research analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Arete Wealth Advisors LLC raised its position in shares of Plug Power by 575.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after acquiring an additional 125,347 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares in the last quarter. Duff & Phelps Investment Management Co. raised its position in shares of Plug Power by 31.7% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after acquiring an additional 18,110 shares in the last quarter. Main Management ETF Advisors LLC bought a new position in shares of Plug Power in the 3rd quarter worth $823,000. Finally, XTX Topco Ltd acquired a new position in Plug Power during the 3rd quarter valued at about $2,174,000. 43.48% of the stock is 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.