Plug Power (NASDAQ:PLUG) Trading 1.6% Higher – What’s Next?

Plug Power, Inc. (NASDAQ:PLUG)’s share price rose 1.6% during mid-day trading on Tuesday . The stock traded as high as $4.03 and last traded at $3.84. Approximately 111,348,788 shares traded hands during trading, an increase of 25% from the average daily volume of 89,274,180 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

PLUG has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a research report on Tuesday, April 21st. Oppenheimer reaffirmed a “market perform” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Wells Fargo & Company raised their price target on Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 19th. BTIG Research reaffirmed a “neutral” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Finally, B. Riley Financial raised their price target on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.42.

Plug Power Stock Performance

The company has a market cap of $5.36 billion, a price-to-earnings ratio of -2.91 and a beta of 2.06. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40. The stock has a 50-day moving average price of $2.91 and a 200 day moving average price of $2.42.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Profund Advisors LLC grew its holdings in shares of Plug Power by 24.4% during the third quarter. Profund Advisors LLC now owns 20,188 shares of the electronics maker’s stock worth $47,000 after buying an additional 3,961 shares in the last quarter. SlateStone Wealth LLC grew its holdings in shares of Plug Power by 16.0% during the third quarter. SlateStone Wealth LLC now owns 29,077 shares of the electronics maker’s stock worth $68,000 after buying an additional 4,000 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Plug Power by 11.8% during the first quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock worth $97,000 after buying an additional 4,525 shares in the last quarter. Signature Estate & Investment Advisors LLC grew its holdings in shares of Plug Power by 33.4% during the third quarter. Signature Estate & Investment Advisors LLC now owns 18,414 shares of the electronics maker’s stock worth $43,000 after buying an additional 4,615 shares in the last quarter. Finally, Earned Wealth Advisors LLC grew its holdings in shares of Plug Power by 12.6% during the first quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock worth $100,000 after buying an additional 4,923 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

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.