Plug Power (NASDAQ:PLUG) Stock Price Up 1.4%

Plug Power Inc. (NASDAQ:PLUG)’s stock price was up 1.4% during mid-day trading on Thursday . The stock traded as high as $2.26 and last traded at $2.13. Approximately 19,304,780 shares were traded during trading, a decline of 51% from the average daily volume of 39,041,836 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler decreased their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Truist Financial decreased their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Susquehanna dropped their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Craig Hallum decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Wells Fargo & Company dropped their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.19.

Plug Power Stock Down 2.9 %

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 company has a 50 day simple moving average of $2.22 and a two-hundred day simple moving average of $2.71. The company has a market capitalization of $1.51 billion, a P/E ratio of -0.89 and a beta of 1.79.

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

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently made changes to their positions in PLUG. Victory Capital Management Inc. lifted its stake in Plug Power by 23.5% in the fourth quarter. Victory Capital Management Inc. now owns 72,715 shares of the electronics maker’s stock worth $327,000 after purchasing an additional 13,838 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Plug Power by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after buying an additional 102,095 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Plug Power by 42.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 317,850 shares of the electronics maker’s stock worth $1,392,000 after acquiring an additional 95,092 shares during the last quarter. Independent Advisor Alliance purchased a new position in Plug Power during the 4th quarter valued at $45,000. Finally, Norges Bank bought a new position in Plug Power in the 4th quarter valued at $97,800,000. Institutional investors 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.