Plug Power (NASDAQ:PLUG) Shares Up 14.2% – Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG)’s share price was up 14.2% during trading on Thursday . The stock traded as high as $3.88 and last traded at $3.78. Approximately 111,307,432 shares traded hands during mid-day trading, an increase of 25% from the average daily volume of 89,119,766 shares. The stock had previously closed at $3.31.

Wall Street Analyst Weigh In

PLUG has been the subject of several research analyst reports. BMO Capital Markets lifted their target price on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research report on Tuesday, May 12th. Canaccord Genuity Group upped their price target on shares of Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a report on Tuesday, May 12th. BTIG Research reiterated a “neutral” rating on shares of Plug Power in a report on Tuesday, March 3rd. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research note on Tuesday, March 3rd. Finally, Susquehanna raised their target price on shares of Plug Power from $2.75 to $3.75 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $3.42.

Plug Power Stock Up 14.2%

The firm has a market cap of $5.27 billion, a P/E ratio of -2.86 and a beta of 2.06. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89. The business has a 50-day moving average price of $2.81 and a 200-day moving average price of $2.40.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. During the same period in the previous year, the company posted ($0.21) earnings per share. The firm’s quarterly revenue was up 22.3% on a year-over-year basis. On average, equities analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently bought and sold shares of PLUG. Vanguard Group Inc. lifted its position in shares of Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after buying an additional 19,967,339 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Plug Power by 208.6% during the fourth quarter. SG Americas Securities LLC now owns 1,119,191 shares of the electronics maker’s stock valued at $2,205,000 after purchasing an additional 756,510 shares in the last quarter. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Plug Power in the fourth quarter valued at about $1,202,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Plug Power by 188,201.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 781,452 shares of the electronics maker’s stock worth $1,539,000 after purchasing an additional 781,037 shares in the last quarter. Finally, Bouvel Investment Partners LLC increased its stake in shares of Plug Power by 2,210.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 346,556 shares of the electronics maker’s stock worth $683,000 after purchasing an additional 331,556 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.