Plug Power (NASDAQ:PLUG) Stock Price Up 6% – What’s Next?

Shares of Plug Power Inc. (NASDAQ:PLUG) were up 6% during mid-day trading on Wednesday . The stock traded as high as $2.10 and last traded at $2.03. Approximately 34,273,259 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 40,748,426 shares. The stock had previously closed at $1.91.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PLUG shares. Piper Sandler dropped their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday. Susquehanna dropped their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada dropped their price target on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Canaccord Genuity Group dropped their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday. Finally, BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

The company has a 50 day moving average price of $2.07 and a 200 day moving average price of $2.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last posted its 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). 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 during the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the previous year, the company posted ($0.47) EPS. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. Analysts expect that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the stock. SteelPeak Wealth LLC purchased a new stake in Plug Power in the 2nd quarter valued at approximately $26,000. Nations Financial Group Inc. IA ADV acquired a new position in Plug Power in the 2nd quarter valued at $26,000. Aire Advisors LLC acquired a new position in Plug Power in the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC acquired a new position in Plug Power in the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC acquired a new position in Plug Power in the 2nd quarter valued at $29,000. Hedge funds and other 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.