Plug Power (NASDAQ:PLUG) Trading Up 0.3% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 0.3% on Wednesday . The company traded as high as $2.00 and last traded at $1.96. Approximately 11,891,673 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 74,584,891 shares. The stock had previously closed at $1.95.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Canaccord Genuity Group cut their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Susquehanna boosted their price objective on Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Finally, StockNews.com raised shares of Plug Power to a “sell” rating in a report on Wednesday, January 22nd. Five analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.18.

Plug Power Stock Performance

The stock has a market capitalization of $1.74 billion, a PE ratio of -0.89 and a beta of 1.79. The company’s 50-day moving average price is $2.35 and its 200 day moving average price is $2.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the business earned ($0.47) earnings per share. Plug Power’s revenue was down 12.6% compared to the same quarter last year. On average, equities research analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

A number of large investors have recently added to or reduced their stakes in PLUG. Geode Capital Management LLC raised its stake in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. Van ECK Associates Corp raised its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after purchasing an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Plug Power by 44.3% in the 3rd 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. Finally, Bank of New York Mellon Corp increased its stake in shares of Plug Power by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock valued at $5,224,000 after buying an additional 183,438 shares during the period. 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.