Plug Power (NASDAQ:PLUG) Stock Price Up 2.8%

Plug Power Inc. (NASDAQ:PLUG) shot up 2.8% during trading on Friday . The company traded as high as $2.26 and last traded at $2.18. 9,559,500 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 39,891,262 shares. The stock had previously closed at $2.12.

Analyst Ratings Changes

Several equities analysts recently issued reports on PLUG shares. TD Cowen lowered their price objective on Plug Power from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Craig Hallum decreased their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Tuesday, May 14th. Susquehanna decreased 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. Finally, Piper Sandler lowered their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Price Performance

The firm’s 50-day moving average price is $2.52 and its two-hundred day moving average price is $3.05. The stock has a market cap of $1.63 billion, a PE ratio of -0.91 and a beta of 1.81. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results 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 47.51% and a negative net margin of 216.80%. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.35) earnings per share. On average, equities analysts expect that Plug Power Inc. will post -1.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Plug Power during the 4th quarter worth approximately $97,800,000. State Board of Administration of Florida Retirement System increased its stake in shares of Plug Power by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after acquiring an additional 33,311 shares during the last quarter. Rafferty Asset Management LLC boosted its position in shares of Plug Power by 69.5% during the 4th quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock valued at $1,618,000 after acquiring an additional 147,435 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Plug Power by 104.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 651,695 shares of the electronics maker’s stock valued at $2,933,000 after purchasing an additional 333,708 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Plug Power by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after purchasing an additional 102,095 shares during the period. 43.48% of the stock is currently 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.