Plug Power (NASDAQ:PLUG) Trading Up 5.2% – Should You Buy?

Plug Power, Inc. (NASDAQ:PLUG) rose 5.2% during trading on Wednesday . The company traded as high as $2.62 and last traded at $2.5350. Approximately 43,749,030 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 102,195,836 shares. The stock had previously closed at $2.41.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PLUG shares. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Plug Power in a research report on Monday, November 24th. HSBC set a $4.40 price objective on Plug Power in a research report on Thursday, October 9th. Canaccord Genuity Group set a $7.00 target price on Plug Power in a report on Monday, November 24th. Morgan Stanley reissued an “underweight” rating and issued a $1.50 price target on shares of Plug Power in a report on Thursday, October 16th. Finally, TD Cowen downgraded Plug Power from a “buy” rating to a “hold” rating in a research report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $2.73.

Plug Power Price Performance

The company has a market capitalization of $2.95 billion, a PE ratio of -0.89 and a beta of 1.68. The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average price is $2.20 and its 200-day moving average price is $2.21.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.01. The company had revenue of $177.06 million during the quarter, compared to analyst estimates of $185.41 million. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%. On average, sell-side analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin Haycraft sold 40,000 shares of Plug Power stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total transaction of $88,000.00. Following the transaction, the insider owned 373,809 shares in the company, valued at approximately $822,379.80. The trade was a 9.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jose Luis Crespo purchased 37,300 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average price of $2.34 per share, with a total value of $87,282.00. Following the completion of the acquisition, the insider owned 307,332 shares in the company, valued at $719,156.88. This represents a 13.81% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 90,000 shares of company stock worth $204,000. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Plug Power by 12.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock worth $3,520,000 after purchasing an additional 297,754 shares during the last quarter. Focus Partners Wealth acquired a new stake in Plug Power during the first quarter valued at approximately $37,000. QRG Capital Management Inc. lifted its holdings in Plug Power by 31.8% during the 2nd quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker’s stock worth $37,000 after buying an additional 6,039 shares during the last quarter. KLP Kapitalforvaltning AS increased its holdings in shares of Plug Power by 32.8% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 199,200 shares of the electronics maker’s stock valued at $297,000 after acquiring an additional 49,200 shares during the last quarter. Finally, Abel Hall LLC acquired a new stake in shares of Plug Power during the 2nd quarter valued at approximately $30,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.