Plug Power (NASDAQ:PLUG) Shares Up 3.6% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) rose 3.6% on Friday . The stock traded as high as $2.20 and last traded at $2.17. Approximately 23,674,536 shares were traded during trading, a decline of 69% from the average daily volume of 76,988,453 shares. The stock had previously closed at $2.09.

Analysts Set New Price Targets

PLUG has been the subject of several research analyst reports. StockNews.com raised Plug Power to a “sell” rating in a research report on Wednesday. Wells Fargo & Company cut their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Evercore ISI cut their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Piper Sandler cut their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Finally, Craig Hallum cut their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.55.

Plug Power Price Performance

The stock has a market capitalization of $1.94 billion, a P/E ratio of -0.99 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a 50-day simple moving average of $2.36 and a 200 day simple moving average of $2.25.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) earnings per share. On average, equities analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Profund Advisors LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at $29,000. Prio Wealth Limited Partnership acquired a new position in shares of Plug Power in the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC lifted its stake in shares of Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the period. Millburn Ridgefield Corp lifted its stake in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the period. Finally, First Commonwealth Financial Corp PA acquired a new position in shares of Plug Power in the 3rd 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.