Plug Power (NASDAQ:PLUG) Trading Up 4.7%

Plug Power Inc. (NASDAQ:PLUG) shares were up 4.7% during mid-day trading on Tuesday . The stock traded as high as $2.10 and last traded at $2.04. Approximately 12,654,924 shares changed hands during trading, a decline of 68% from the average daily volume of 39,940,422 shares. The stock had previously closed at $1.95.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PLUG shares. Canaccord Genuity Group reduced their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday. Piper Sandler reduced their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. TD Cowen reduced their price objective on shares of Plug Power from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Royal Bank of Canada cut their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday. Finally, Susquehanna cut their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.19.

Plug Power Stock Performance

The stock’s fifty day moving average is $2.58 and its two-hundred day moving average is $3.07. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -0.85 and a beta of 1.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. Plug Power’s revenue was down 44.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.35) earnings per share. Analysts forecast that Plug Power Inc. will post -1.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina grew its holdings in Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after acquiring an additional 2,280 shares in the last quarter. Prime Capital Investment Advisors LLC grew its holdings in Plug Power by 19.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock worth $98,000 after acquiring an additional 3,556 shares in the last quarter. Stratos Wealth Partners LTD. grew its holdings in Plug Power by 17.6% during the 4th quarter. Stratos Wealth Partners LTD. now owns 25,635 shares of the electronics maker’s stock worth $115,000 after acquiring an additional 3,832 shares in the last quarter. Pitcairn Co. lifted its position in shares of Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after buying an additional 4,169 shares during the last quarter. Finally, Kestra Private Wealth Services LLC lifted its position in shares of Plug Power by 48.0% in the 4th quarter. Kestra Private Wealth Services LLC now owns 17,505 shares of the electronics maker’s stock worth $79,000 after buying an additional 5,680 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.