Plug Power (NASDAQ:PLUG) Shares Up 1.8% – What’s Next?

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 1.8% during mid-day trading on Tuesday . The stock traded as high as $2.04 and last traded at $2.03. Approximately 13,564,652 shares traded hands during trading, a decline of 67% from the average daily volume of 41,186,891 shares. The stock had previously closed at $1.99.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Royal Bank of Canada cut their price target 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. Susquehanna reduced their target price 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. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research note on Wednesday, November 13th. Craig Hallum cut their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Truist Financial dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

The company’s 50-day moving average price is $2.08 and its 200 day moving average price is $2.39. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $207.25 million. During the same quarter in the prior year, the company posted ($0.47) earnings per share. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. Analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently made changes to their positions in PLUG. Vontobel Holding Ltd. boosted its position in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System increased its stake in 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 worth $2,065,000 after purchasing an additional 33,311 shares during the period. Gabelli Funds LLC lifted its position in shares of 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 purchasing an additional 75,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Plug Power by 25.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after purchasing an additional 400,120 shares during the period. Finally, Diversified Trust Co acquired a new position in shares of Plug Power in the second quarter valued at approximately $35,000. 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.