Plug Power (NASDAQ:PLUG) Trading 3.6% Higher

Plug Power Inc. (NASDAQ:PLUG) shot up 3.6% during mid-day trading on Thursday . The company traded as high as $2.10 and last traded at $2.02. 13,587,801 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 39,182,246 shares. The stock had previously closed at $1.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PLUG shares. B. Riley raised shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Craig Hallum cut their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Canaccord Genuity Group decreased their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Piper Sandler dropped their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Finally, Royal Bank of Canada reduced their price target on shares of 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. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.19.

Plug Power Stock Up 4.3 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The business’s 50 day moving average is $2.11 and its 200-day moving average is $2.65. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -0.84 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly 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). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same quarter last year, the company earned ($0.35) EPS. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, sell-side analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. boosted its holdings in shares of Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after purchasing an additional 999,194 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Plug Power by 37.0% during the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after purchasing an additional 923,579 shares during the period. Swedbank AB acquired a new stake in shares of Plug Power during the 1st quarter worth about $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Plug Power by 5.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock valued at $10,022,000 after acquiring an additional 150,088 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.