Plug Power (NASDAQ:PLUG) Shares Up 1.8% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG)’s share price shot up 1.8% during trading on Friday . The stock traded as high as $2.05 and last traded at $2.0150. 45,206,416 shares changed hands during trading, a decline of 53% from the average session volume of 96,656,391 shares. The stock had previously closed at $1.98.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PLUG. Susquehanna reduced their price target on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a research report on Monday, November 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. BMO Capital Markets reduced their price objective on shares of Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a research report on Tuesday, August 12th. Wells Fargo & Company upped their price objective on Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a report on Thursday, August 14th. Finally, Hsbc Global Res raised Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus target price of $2.80.

Plug Power Price Performance

The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -0.87 and a beta of 2.28. The business’s fifty day simple moving average is $2.78 and its 200 day simple moving average is $1.86. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.01. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The business had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. On average, research analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Buying and Selling

In other news, EVP Benjamin Haycraft sold 10,000 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $2.92, for a total transaction of $29,200.00. Following the completion of the transaction, the executive vice president directly owned 467,583 shares in the company, valued at $1,365,342.36. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

Institutional investors have recently added to or reduced their stakes in the business. CIBC Bancorp USA Inc. purchased a new stake in Plug Power during the 3rd quarter valued at $271,000. Abel Hall LLC boosted its position in shares of Plug Power by 31.7% in the 3rd quarter. Abel Hall LLC now owns 26,491 shares of the electronics maker’s stock worth $62,000 after purchasing an additional 6,381 shares in the last quarter. Kestra Private Wealth Services LLC purchased a new stake in Plug Power during the 3rd quarter valued at about $32,000. NewEdge Advisors LLC lifted its position in Plug Power by 77.3% in the 3rd quarter. NewEdge Advisors LLC now owns 52,083 shares of the electronics maker’s stock valued at $121,000 after acquiring an additional 22,714 shares in the last quarter. Finally, Castleark Management LLC bought a new stake in Plug Power in the 3rd quarter worth about $1,696,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.