Plug Power (NASDAQ:PLUG) Shares Up 3.4% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 3.4% on Friday . The company traded as high as $2.18 and last traded at $2.13. Approximately 8,359,303 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 39,266,738 shares. The stock had previously closed at $2.06.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PLUG shares. Jefferies Financial Group cut their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday. Royal Bank of Canada reduced their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Truist Financial lowered their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. B. Riley raised Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Craig Hallum decreased their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Plug Power currently has an average rating of “Hold” and an average price target of $5.01.

Plug Power Stock Up 4.9 %

The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -0.90 and a beta of 1.79. The business has a fifty day simple moving average of $2.07 and a 200 day simple moving average of $2.60. 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 issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm’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. As a group, equities analysts forecast that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of the business. Treasurer of the State of North Carolina boosted its holdings in shares of Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after purchasing an additional 2,280 shares during the last quarter. Pitcairn Co. boosted its stake in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after buying an additional 4,169 shares during the last quarter. Cetera Advisors LLC grew its holdings in Plug Power by 33.0% in the 1st quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker’s stock valued at $95,000 after buying an additional 6,885 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Plug Power by 11.0% in the 1st quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker’s stock worth $242,000 after acquiring an additional 7,006 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Plug Power by 8.6% during the 2nd quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after acquiring an additional 7,014 shares during the period. Institutional investors and hedge funds 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.