Plug Power (NASDAQ:PLUG) Trading 7.6% Higher

Shares of Plug Power Inc. (NASDAQ:PLUG) were up 7.6% during trading on Tuesday . The stock traded as high as $2.13 and last traded at $2.12. Approximately 14,499,349 shares traded hands during trading, a decline of 63% from the average daily volume of 38,783,719 shares. The stock had previously closed at $1.97.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PLUG. Truist Financial lowered their price target 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. Susquehanna lowered their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Royal Bank of Canada reduced their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Piper Sandler lowered their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Finally, B. Riley raised Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Four equities 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.19.

Plug Power Price Performance

The firm has a 50-day simple moving average of $2.22 and a 200 day simple moving average of $2.71. The firm has a market cap of $1.53 billion, a PE ratio of -0.89 and a beta of 1.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last released its 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). The business had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. Plug Power’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.35) earnings per share. As a group, equities analysts expect that Plug Power Inc. will post -1.15 EPS for the current year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the 2nd quarter worth about $26,000. Nations Financial Group Inc. IA ADV purchased a new position in Plug Power in the 2nd quarter worth about $26,000. Aire Advisors LLC bought a new position in Plug Power during the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter valued at about $29,000. Finally, Profund Advisors LLC bought a new stake in shares of Plug Power in the second quarter worth approximately $29,000. 43.48% of the stock is 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.