Plug Power (NASDAQ:PLUG) Trading Up 11.3% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 11.3% during trading on Thursday . The company traded as high as $2.37 and last traded at $2.37. Approximately 20,049,624 shares were traded during trading, a decline of 54% from the average daily volume of 43,635,922 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of recent analyst reports. Piper Sandler cut their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Canaccord Genuity Group dropped their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Wells Fargo & Company reduced their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group decreased their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

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 business has a 50 day moving average price of $2.22 and a 200-day moving average price of $2.23. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -1.23 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results 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 business had revenue of $173.70 million for 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 quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.47) earnings per share. Research analysts predict that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently added to or reduced their stakes in the company. Profund Advisors LLC bought a new stake in shares of Plug Power during the second quarter worth about $29,000. Prio Wealth Limited Partnership bought a new stake in Plug Power during the 3rd quarter worth approximately $29,000. Catalyst Capital Advisors LLC raised its stake in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. Millburn Ridgefield Corp raised its stake in shares of Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. Finally, First Commonwealth Financial Corp PA bought a new position in shares of Plug Power in the third quarter valued at approximately $29,000. Institutional investors and hedge funds 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.