Plug Power (NASDAQ:PLUG) Trading Up 3.4% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price was up 3.4% during mid-day trading on Friday . The stock traded as high as $2.46 and last traded at $2.41. Approximately 29,488,670 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 46,581,922 shares. The stock had previously closed at $2.33.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PLUG. Piper Sandler lowered their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. Wells Fargo & Company decreased their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Up 8.6 %

The business has a 50-day simple moving average of $2.21 and a two-hundred day simple moving average of $2.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -1.18 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. As a group, research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in the business. Profund Advisors LLC acquired a new position in Plug Power in the 2nd quarter valued at about $29,000. Prio Wealth Limited Partnership acquired a new stake in Plug Power during the third quarter worth approximately $29,000. Catalyst Capital Advisors LLC increased its stake in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the period. First Commonwealth Financial Corp PA acquired a new position in Plug Power in the 3rd quarter valued at $29,000. Finally, Millburn Ridgefield Corp lifted its position in shares of Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. Institutional investors own 43.48% of the company’s stock.

About Plug Power

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.