Plug Power (NASDAQ:PLUG) Shares Up 1.3% – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) traded up 1.3% during mid-day trading on Friday . The company traded as high as $2.02 and last traded at $2.00. 7,118,954 shares traded hands during trading, a decline of 82% from the average session volume of 39,178,395 shares. The stock had previously closed at $1.97.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Craig Hallum lowered their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Royal Bank of Canada lowered their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Wells Fargo & Company lowered their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Jefferies Financial Group lowered their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, B. Riley raised shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. 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 assigned a strong buy rating to the company. According to MarketBeat, Plug Power has an average rating of “Hold” and a consensus target price of $5.01.

Plug Power Trading Up 7.6 %

The firm’s 50-day simple moving average is $2.03 and its 200-day simple moving average is $2.54. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.57 billion, a PE ratio of -0.88 and a beta of 1.79.

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

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after buying an additional 999,194 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Plug Power by 37.0% during the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after purchasing an additional 923,579 shares during the period. Swedbank AB purchased a new stake in shares of Plug Power during the first quarter worth about $10,687,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Plug Power by 5.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock worth $10,022,000 after purchasing an additional 150,088 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Plug Power by 69.4% during the second 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 period. 43.48% of the stock is currently 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.