Plug Power (NASDAQ:PLUG) Trading Up 2.4% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) shares rose 2.4% during trading on Monday . The company traded as high as $1.93 and last traded at $1.92. Approximately 11,374,176 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 41,072,801 shares. The stock had previously closed at $1.87.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PLUG shares. Piper Sandler cut their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday. Truist Financial dropped their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Wells Fargo & Company reduced their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Canaccord Genuity Group dropped their price target 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. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Trading Up 5.6 %

The stock’s 50 day moving average price is $2.08 and its 200-day moving average price is $2.40. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.80 billion, a PE ratio of -0.95 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last posted its 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). The company had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business’s revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.47) earnings per share. On average, sell-side analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC bought a new position in Plug Power during the first quarter valued at $48,000. Swiss National Bank lifted its position in Plug Power by 0.8% during the first quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock valued at $3,701,000 after purchasing an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position 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 valued at $2,065,000 after purchasing an additional 33,311 shares during the last quarter. Vanguard Group Inc. lifted its position in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Plug Power by 22.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,545,042 shares of the electronics maker’s stock valued at $5,315,000 after purchasing an additional 286,390 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.