Plug Power (NASDAQ:PLUG) Stock Price Up 6.7%

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 6.7% during mid-day trading on Thursday . The stock traded as high as $2.91 and last traded at $2.87. 16,208,023 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 39,127,195 shares. The stock had previously closed at $2.69.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PLUG. Canaccord Genuity Group decreased their target price on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Monday, May 13th. Susquehanna lowered their target price on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Morgan Stanley reduced their price target on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Friday, May 10th. Piper Sandler decreased their price target on Plug Power from $2.90 to $2.50 and set an “underweight” rating on the stock in a research note on Friday, May 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Tuesday, May 14th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.49.

Plug Power Price Performance

The company has a market cap of $2.18 billion, a PE ratio of -1.20 and a beta of 1.81. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87. The company has a 50-day moving average price of $2.84 and a two-hundred day moving average price of $3.30.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The company had revenue of $120.26 million during the quarter, compared to analysts’ expectations of $162.92 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. Sell-side analysts expect that Plug Power Inc. will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the transaction, the director now owns 639,572 shares in the company, valued at approximately $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Vanguard Group Inc. grew its position in shares of Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares in the last quarter. Norges Bank acquired a new position in Plug Power during the 4th quarter worth $97,800,000. Pinnacle Associates Ltd. increased its position in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after purchasing an additional 1,105,813 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Plug Power by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after purchasing an additional 102,095 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Plug Power during the first quarter worth about $10,687,000. 43.48% of the stock is currently owned by hedge funds and other 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.