Plug Power (NASDAQ:PLUG) Trading Up 1.4% – Time to Buy?

Shares of Plug Power, Inc. (NASDAQ:PLUG) were up 1.4% during trading on Tuesday . The company traded as high as $1.20 and last traded at $1.11. Approximately 24,470,917 shares were traded during trading, a decline of 64% from the average daily volume of 68,020,431 shares. The stock had previously closed at $1.09.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PLUG shares. Piper Sandler decreased their price target on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a research note on Wednesday, May 14th. B. Riley decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley decreased their price target on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating for the company in a research note on Monday, May 19th. Wall Street Zen upgraded shares of Plug Power to a “sell” rating in a research note on Tuesday, May 13th. Finally, BMO Capital Markets cut their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $1.83.

Plug Power Stock Up 3.7%

The stock’s fifty day moving average is $0.93 and its two-hundred day moving average is $1.57. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.30 billion, a PE ratio of -0.46 and a beta of 2.17.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The firm had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. As a group, analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity

In related news, insider Paul B. Middleton purchased 650,000 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider now directly owns 2,558,064 shares in the company, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.41% of the company’s stock.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Jones Financial Companies Lllp increased its position in shares of Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after buying an additional 6,074 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Plug Power in the fourth quarter worth approximately $25,000. Miracle Mile Advisors LLC bought a new position in shares of Plug Power in the first quarter worth approximately $26,000. Callan Family Office LLC bought a new position in shares of Plug Power in the fourth quarter worth approximately $27,000. Finally, Ground Swell Capital LLC bought a new position in shares of Plug Power in the fourth quarter worth approximately $27,000. 43.48% of the stock is currently owned by institutional investors.

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.