Plug Power (NASDAQ:PLUG) Stock Price Up 1.6%

Shares of Plug Power Inc. (NASDAQ:PLUG) shot up 1.6% during mid-day trading on Thursday . The stock traded as high as $1.98 and last traded at $1.97. 7,897,763 shares traded hands during trading, a decline of 80% from the average session volume of 39,331,367 shares. The stock had previously closed at $1.94.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PLUG. Piper Sandler decreased their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Canaccord Genuity Group decreased their price target on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Royal Bank of Canada reduced their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research note on Tuesday, May 14th. Finally, Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Stock Up 0.5 %

The firm has a market capitalization of $1.45 billion, a PE ratio of -0.82 and a beta of 1.81. The firm’s 50-day moving average is $2.40 and its 200 day moving average is $2.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share 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 for the quarter, compared to analysts’ expectations of $184.54 million. During the same period last year, the business earned ($0.35) earnings per share. The company’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, research analysts forecast that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Plug Power in the 4th quarter worth about $97,800,000. State Board of Administration of Florida Retirement System increased its position in Plug Power by 5.9% during the first 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 purchasing an additional 33,311 shares during the last quarter. Rafferty Asset Management LLC raised its stake in Plug Power by 69.5% during the fourth quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after purchasing an additional 147,435 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings 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 during the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock valued at $860,000 after buying an additional 75,000 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.