Plug Power (NASDAQ:PLUG) Shares Up 6% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price rose 6% during trading on Wednesday . The stock traded as high as $2.10 and last traded at $2.03. Approximately 34,273,259 shares were traded during trading, a decline of 16% from the average daily volume of 40,748,426 shares. The stock had previously closed at $1.91.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PLUG. Royal Bank of Canada dropped their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Truist Financial lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Craig Hallum cut their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company dropped their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.75.

Plug Power Stock Performance

The stock’s 50 day moving average is $2.06 and its 200 day moving average is $2.41. 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 cap of $1.78 billion, a price-to-earnings ratio of -0.95 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the business posted ($0.47) earnings per share. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. Analysts anticipate that Plug Power Inc. will post -1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. HBK Sorce Advisory LLC bought a new position in Plug Power in the first quarter worth approximately $37,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power in the second quarter valued at $26,000. SteelPeak Wealth LLC bought a new stake in shares of Plug Power in the second quarter valued at $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power in the second quarter valued at $28,000. Finally, Madison Park Capital Advisors LLC bought a new stake in shares of Plug Power in the second quarter valued at $29,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.