Plug Power (NASDAQ:PLUG) Stock Price Up 5% – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG) shares rose 5% during mid-day trading on Friday . The stock traded as high as $2.52 and last traded at $2.50. Approximately 9,913,295 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 43,404,309 shares. The stock had previously closed at $2.38.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Craig Hallum lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company reduced their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Down 1.7 %

The stock’s 50-day simple moving average is $2.21 and its 200-day simple moving average is $2.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm has a market capitalization of $2.13 billion, a PE ratio of -1.09 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.47) EPS. As a group, sell-side analysts expect that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in Plug Power by 69.4% during 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Plug Power by 37.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 798,396 shares of the electronics maker’s stock valued at $1,860,000 after acquiring an additional 219,570 shares during the period. Nations Financial Group Inc. IA ADV bought a new position in shares of Plug Power in the 2nd quarter worth approximately $26,000. Principal Financial Group Inc. raised its position in Plug Power by 45.1% in the second quarter. Principal Financial Group Inc. now owns 63,780 shares of the electronics maker’s stock worth $149,000 after acquiring an additional 19,824 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in Plug Power by 8.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 356,973 shares of the electronics maker’s stock worth $832,000 after purchasing an additional 29,134 shares during the period. 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.