Plug Power (NASDAQ:PLUG) Shares Gap Up – Should You Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price gapped up before the market opened on Monday . The stock had previously closed at $2.63, but opened at $2.85. Plug Power shares last traded at $2.85, with a volume of 17,636,029 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. Evercore ISI reduced their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Craig Hallum reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Wells Fargo & Company reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Finally, Piper Sandler reduced their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

The stock has a market capitalization of $2.85 billion, a P/E ratio of -1.46 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 company’s fifty day simple moving average is $2.22 and its two-hundred day simple moving average is $2.23.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in shares of Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after acquiring an additional 1,036,777 shares in the last quarter. 43.48% of the stock is owned by 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.