Plug Power (NASDAQ:PLUG) Trading Up 7.9% on Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG)’s stock price traded up 7.9% during trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $1.25 to $2.50. Canaccord Genuity Group currently has a hold rating on the stock. Plug Power traded as high as $2.75 and last traded at $2.73. 175,855,666 shares traded hands during mid-day trading, an increase of 83% from the average session volume of 95,924,398 shares. The stock had previously closed at $2.53.

A number of other research analysts have also commented on PLUG. Susquehanna lifted their price objective on shares of Plug Power from $1.80 to $3.50 and gave the company a “neutral” rating in a research note on Monday, October 13th. HC Wainwright increased their price objective on Plug Power from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Evercore ISI upgraded Plug Power to a “strong sell” rating in a research note on Tuesday, July 15th. BMO Capital Markets cut their price target on Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a research note on Tuesday, August 12th. Finally, Wells Fargo & Company increased their price target on Plug Power from $1.00 to $1.50 and gave the stock an “equal weight” rating in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2.65.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the business. Profund Advisors LLC raised its holdings in shares of Plug Power by 24.4% in the third quarter. Profund Advisors LLC now owns 20,188 shares of the electronics maker’s stock worth $47,000 after acquiring an additional 3,961 shares during the last quarter. SlateStone Wealth LLC grew its position in shares of Plug Power by 16.0% in the third quarter. SlateStone Wealth LLC now owns 29,077 shares of the electronics maker’s stock valued at $68,000 after purchasing an additional 4,000 shares during the period. Signature Estate & Investment Advisors LLC increased its stake in Plug Power by 33.4% in the third quarter. Signature Estate & Investment Advisors LLC now owns 18,414 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 4,615 shares during the last quarter. QRG Capital Management Inc. lifted its position in Plug Power by 31.8% during the second 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 period. Finally, Mandatum Life Insurance Co Ltd boosted its stake in Plug Power by 17.6% in the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker’s stock worth $73,000 after buying an additional 7,300 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Up 7.9%

The firm has a fifty day simple moving average of $2.65 and a 200 day simple moving average of $1.77. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The company has a market cap of $3.15 billion, a PE ratio of -1.18 and a beta of 2.28.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share 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 for the quarter, compared to analyst estimates of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. Equities research analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

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.