Plug Power (NASDAQ:PLUG) Trading Up 7.8% – Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG) shares were up 7.8% during mid-day trading on Wednesday . The company traded as high as $4.22 and last traded at $4.14. Approximately 108,104,020 shares changed hands during mid-day trading, an increase of 21% from the average daily volume of 89,469,539 shares. The stock had previously closed at $3.84.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PLUG shares. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research report on Tuesday, April 21st. BMO Capital Markets upped their target price on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research report on Tuesday, May 12th. Wells Fargo & Company upped their target price on shares of Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, May 19th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.42.

Plug Power Price Performance

The firm has a market cap of $5.78 billion, a price-to-earnings ratio of -3.14 and a beta of 2.06. The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89. The company’s 50-day moving average price is $2.94 and its 200-day moving average price is $2.43.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The business had revenue of $163.51 million for the quarter, compared to analysts’ expectations of $139.87 million. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The business’s quarterly revenue was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.21) earnings per share. On average, equities research analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current year.

Institutional Trading of Plug Power

Several hedge funds have recently added to or reduced their stakes in the company. J. Derek Lewis & Associates Inc. increased its stake in Plug Power by 7.7% in the first quarter. J. Derek Lewis & Associates Inc. now owns 292,555 shares of the electronics maker’s stock valued at $661,000 after purchasing an additional 21,000 shares during the last quarter. Janus Henderson Group PLC increased its stake in Plug Power by 41.7% in the first quarter. Janus Henderson Group PLC now owns 621,428 shares of the electronics maker’s stock valued at $1,401,000 after purchasing an additional 183,000 shares during the last quarter. Amundi increased its stake in Plug Power by 1.0% in the first quarter. Amundi now owns 3,101,505 shares of the electronics maker’s stock valued at $7,009,000 after purchasing an additional 31,433 shares during the last quarter. California State Teachers Retirement System increased its stake in Plug Power by 45.6% in the first quarter. California State Teachers Retirement System now owns 1,560,305 shares of the electronics maker’s stock valued at $3,526,000 after purchasing an additional 488,883 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in Plug Power by 15.5% in the first quarter. Empowered Funds LLC now owns 252,076 shares of the electronics maker’s stock valued at $570,000 after purchasing an additional 33,835 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.