Plug Power (NASDAQ:PLUG) Trading Up 7.3% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) shares were up 7.3% on Wednesday . The company traded as high as $1.68 and last traded at $1.69. Approximately 17,517,158 shares were traded during trading, a decline of 74% from the average daily volume of 67,471,703 shares. The stock had previously closed at $1.57.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PLUG. Evercore ISI cut their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Craig Hallum cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Piper Sandler lowered their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Susquehanna lifted their target price on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $4.12.

Plug Power Stock Performance

The stock’s 50 day moving average price is $2.17 and its 200 day moving average price is $2.12. The company has a market capitalization of $1.53 billion, a P/E ratio of -0.78 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Institutional Trading of Plug Power

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after purchasing an additional 4,491,114 shares in the last quarter. Norges Bank purchased a new stake in shares of Plug Power during the fourth quarter worth $146,465,000. Geode Capital Management LLC lifted its holdings in shares of Plug Power by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock worth $42,434,000 after buying an additional 722,639 shares in the last quarter. Legal & General Group Plc increased its position in shares of Plug Power by 8.5% in the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after purchasing an additional 796,774 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after purchasing an additional 790,650 shares during the last quarter. 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.