Plug Power (NASDAQ:PLUG) Trading Up 3.4% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price shot up 3.4% during trading on Friday . The company traded as high as $2.46 and last traded at $2.41. 29,488,670 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 46,581,922 shares. The stock had previously closed at $2.33.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PLUG shares. Piper Sandler decreased their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Four research 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Trading Up 8.6 %

The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -1.18 and a beta of 1.76. The business’s fifty day simple moving average is $2.21 and its 200 day simple moving average is $2.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS 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 period last year, the company posted ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. On average, research analysts predict that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently made changes to their positions in PLUG. Profund Advisors LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at $29,000. Prio Wealth Limited Partnership acquired a new position in shares of Plug Power in the third quarter worth about $29,000. Catalyst Capital Advisors LLC increased its position 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 acquiring an additional 5,631 shares in the last quarter. First Commonwealth Financial Corp PA acquired a new stake in shares of Plug Power during the third quarter valued at approximately $29,000. Finally, Millburn Ridgefield Corp raised its holdings in shares of Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 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.