Plug Power Inc. (NASDAQ:PLUG – Get Free Report) shares traded up 9% on Friday . The company traded as high as $2.27 and last traded at $2.25. 27,690,944 shares were traded during mid-day trading, a decline of 29% from the average session volume of 39,243,910 shares. The stock had previously closed at $2.06.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on PLUG shares. Wells Fargo & Company cut their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Truist Financial cut their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Canaccord Genuity Group decreased their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Monday, August 12th. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Piper Sandler lowered their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.19.
Read Our Latest Research Report on Plug Power
Plug Power Stock Up 9.5 %
Plug Power (NASDAQ:PLUG – Get Free Report) last released its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. Equities research analysts predict that Plug Power Inc. will post -1.15 EPS for the current year.
Institutional Investors Weigh In On Plug Power
A number of institutional investors have recently added to or reduced their stakes in PLUG. Swedbank AB acquired a new position in Plug Power during the first quarter valued at approximately $10,687,000. SG Americas Securities LLC lifted its holdings in shares of Plug Power by 134.0% during the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after acquiring an additional 1,407,858 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Plug Power during the 4th quarter worth $5,133,000. Pinnacle Associates Ltd. boosted its position in Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after purchasing an additional 1,105,813 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Plug Power by 69.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares in the last quarter. Hedge funds and other 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.
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