Plug Power (NASDAQ:PLUG) Trading 0.3% Higher – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 0.3% on Wednesday . The stock traded as high as $2.00 and last traded at $1.96. Approximately 11,891,673 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 74,584,891 shares. The stock had previously closed at $1.95.

Wall Street Analyst Weigh In

PLUG has been the subject of several recent analyst reports. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company decreased their price target on 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. Susquehanna boosted their price target on Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Finally, StockNews.com upgraded Plug Power to a “sell” rating in a research note on Wednesday, January 22nd. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.12.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business has a 50-day simple moving average of $2.34 and a 200 day simple moving average of $2.18. The firm has a market cap of $1.68 billion, a PE ratio of -0.86 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.47) EPS. Equities research analysts forecast that Plug Power Inc. will post -1.21 EPS for the current year.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Avantax Planning Partners Inc. increased its position in Plug Power by 54.0% in the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker’s stock worth $40,000 after buying an additional 6,561 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Plug Power by 75.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,407,949 shares of the electronics maker’s stock worth $2,999,000 after acquiring an additional 604,068 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock worth $33,000 after acquiring an additional 5,348 shares during the period. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Plug Power in the fourth quarter worth about $38,000. Finally, Callan Family Office LLC bought a new position in shares of Plug Power in the fourth quarter worth about $27,000. Hedge funds and other 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.