Plug Power (NASDAQ:PLUG) Trading 1% Higher

Plug Power Inc. (NASDAQ:PLUG) shares shot up 1% on Wednesday . The stock traded as high as $2.13 and last traded at $2.08. 10,052,065 shares traded hands during trading, a decline of 74% from the average session volume of 39,323,449 shares. The stock had previously closed at $2.06.

Analysts Set New Price Targets

Several research firms recently commented on PLUG. Royal Bank of Canada reduced their target price on 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. 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 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 dropped their price objective 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. Finally, B. Riley raised Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Trading Up 4.4 %

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 stock’s 50 day moving average is $2.08 and its 200-day moving average is $2.61.

Plug Power (NASDAQ:PLUG) last announced 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 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 firm’s revenue was down 44.9% compared to the same quarter last year. During the same period last year, the business posted ($0.35) EPS. On average, equities research analysts predict that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System boosted its stake in shares of Plug Power by 5.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after buying an additional 33,311 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Plug Power by 69.5% during the 4th quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after buying an additional 147,435 shares during the last quarter. Gabelli Funds LLC boosted its stake in Plug Power by 42.9% during the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after buying an additional 75,000 shares during the period. Diversified Trust Co acquired a new stake in shares of Plug Power in the second quarter valued at $35,000. Finally, Vanguard Group Inc. lifted its position in shares of Plug Power by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock worth $242,943,000 after purchasing an additional 283,376 shares in the last quarter. Hedge funds and other institutional investors 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.