Plug Power (NASDAQ:PLUG) Stock Price Up 2.1%

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 2.1% during trading on Friday . The company traded as high as $2.47 and last traded at $2.38. 11,738,941 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 39,711,305 shares. The stock had previously closed at $2.33.

Analysts Set New Price Targets

PLUG has been the topic of a number of research reports. 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. Morgan Stanley cut their price target on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a report on Friday, May 10th. B. Riley raised shares of Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Piper Sandler cut their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday. Finally, Citigroup downgraded Plug Power from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $3.25 to $2.00 in a report on Friday, April 5th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Plug Power has a consensus rating of “Hold” and an average target price of $5.48.

Plug Power Stock Performance

The firm has a 50-day moving average of $2.83 and a 200-day moving average of $3.17. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -0.99 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The business had revenue of $120.26 million during the quarter, compared to analyst estimates of $162.92 million. As a group, sell-side analysts predict that Plug Power Inc. will post -1.12 earnings per share for the current year.

Insider Activity

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the sale, the director now owns 639,572 shares in the company, valued at approximately $1,637,304.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Trading of Plug Power

Several institutional investors have recently modified their holdings of PLUG. Bank of New York Mellon Corp boosted its stake in Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after purchasing an additional 1,036,777 shares during the last quarter. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the second quarter worth about $29,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in Plug Power by 32.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 192,502 shares of the electronics maker’s stock worth $449,000 after acquiring an additional 46,632 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Plug Power by 1,355.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 96,643 shares of the electronics maker’s stock valued at $225,000 after acquiring an additional 90,003 shares in the last quarter. Finally, SteelPeak Wealth LLC acquired a new stake in Plug Power in the 2nd quarter valued at about $26,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.