Plug Power (NASDAQ:PLUG) Shares Up 5.2%

Plug Power Inc. (NASDAQ:PLUG)’s share price shot up 5.2% during trading on Friday . The company traded as high as $2.25 and last traded at $2.23. 11,755,612 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 39,631,637 shares. The stock had previously closed at $2.12.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. TD Cowen cut their target price on shares of Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Piper Sandler lowered their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Morgan Stanley cut their price objective on Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. Finally, Truist Financial decreased their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.19.

Plug Power Stock Performance

The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.94 billion, a P/E ratio of -0.93 and a beta of 1.81. The business’s 50 day simple moving average is $2.45 and its two-hundred day simple moving average is $2.98.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same period in the previous year, the business posted ($0.35) EPS. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. Sell-side analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Independent Advisor Alliance bought a new stake in shares of Plug Power during the 4th quarter valued at $45,000. Mosley Wealth Management purchased a new stake in Plug Power in the first quarter worth about $35,000. J.W. Cole Advisors Inc. purchased a new stake in Plug Power in the first quarter worth about $36,000. HighPoint Advisor Group LLC purchased a new position in shares of Plug Power during the 4th quarter valued at about $48,000. Finally, HBK Sorce Advisory LLC bought a new position in shares of Plug Power during the 1st quarter valued at approximately $37,000. 43.48% of the stock is 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.