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

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 3.4% during mid-day trading on Friday . The company traded as high as $2.13 and last traded at $2.11. 9,996,275 shares traded hands during trading, a decline of 74% from the average session volume of 39,012,508 shares. The stock had previously closed at $2.04.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada lowered their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Craig Hallum dropped their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. B. Riley upgraded shares of Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Truist Financial lowered their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company cut their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Plug Power currently has an average rating of “Hold” and an average price target of $5.01.

Plug Power Stock Up 9.8 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The stock has a 50 day simple moving average of $2.03 and a 200-day simple moving average of $2.50. The firm has a market cap of $1.97 billion, a PE ratio of -0.95 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its quarterly 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). 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 during the quarter, compared to analysts’ expectations of $184.54 million. During the same period in the prior year, the firm earned ($0.35) EPS. Plug Power’s revenue for the quarter was down 44.9% compared to the same quarter last year. 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 made changes to their positions in the company. Vontobel Holding Ltd. lifted its position in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after buying an additional 33,311 shares during the last quarter. Gabelli Funds LLC increased its holdings in Plug Power by 42.9% in the 1st 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Plug Power by 25.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after buying an additional 400,120 shares during the last quarter. Finally, Diversified Trust Co bought a new position in Plug Power during the 2nd quarter valued at about $35,000. 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.