Plug Power (NASDAQ:PLUG) Trading Up 10.4% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) was up 10.4% on Thursday . The stock traded as high as $3.65 and last traded at $3.6550. Approximately 23,830,194 shares were traded during trading, a decline of 73% from the average daily volume of 88,201,219 shares. The stock had previously closed at $3.31.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PLUG shares. Wells Fargo & Company raised their target price on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday. Jefferies Financial Group reduced their target price on Plug Power from $2.00 to $1.80 and set a “hold” rating for the company in a report on Monday, March 9th. BTIG Research restated a “neutral” rating on shares of Plug Power in a report on Tuesday, March 3rd. TD Cowen boosted their target price on Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a report on Tuesday, May 12th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Plug Power in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.42.

Plug Power Trading Up 14.4%

The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of -2.87 and a beta of 2.06. The business has a fifty day moving average price of $2.81 and a 200 day moving average price of $2.40. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Kovack Advisors Inc. acquired a new position in shares of Plug Power during the third quarter worth approximately $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Plug Power by 116.7% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after buying an additional 7,000 shares during the last quarter. Sender Co & Partners Inc. acquired a new position in shares of Plug Power during the second quarter worth approximately $26,000. Prakash Investment Advisors LLC acquired a new position in shares of Plug Power during the third quarter worth approximately $27,000. Finally, Procyon Advisors LLC bought a new stake in shares of Plug Power during the fourth quarter valued at approximately $29,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

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.