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

Plug Power, Inc. (NASDAQ:PLUG) shares were up 10.4% on Thursday . The company traded as high as $3.65 and last traded at $3.6550. Approximately 23,830,194 shares changed hands during mid-day 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

A number of equities analysts recently weighed in on PLUG shares. BTIG Research reissued a “neutral” rating on shares of Plug Power in a research note on Tuesday, March 3rd. B. Riley Financial lifted their price target on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. BMO Capital Markets lifted their price target on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research note on Tuesday, May 12th. TD Cowen lifted their price target on Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Tuesday, May 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Plug Power in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and an average price target of $3.42.

Plug Power Trading Up 14.4%

The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The company has a 50 day simple moving average of $2.81 and a two-hundred day simple moving average of $2.40. The company has a market cap of $5.28 billion, a PE ratio of -2.87 and a beta of 2.06.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $139.87 million. During the same quarter in the previous year, the business posted ($0.21) EPS. The business’s revenue for the quarter was up 22.3% on a year-over-year basis. Sell-side analysts forecast that Plug Power, Inc. will post -0.26 EPS for the current year.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently made changes to their positions in PLUG. Kovack Advisors Inc. acquired a new stake in shares of Plug Power during the 3rd quarter valued at about $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Plug Power by 116.7% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock valued at $26,000 after buying an additional 7,000 shares during the last quarter. Sender Co & Partners Inc. acquired a new stake in shares of Plug Power during the 2nd quarter valued at about $26,000. Prakash Investment Advisors LLC acquired a new stake in shares of Plug Power during the 3rd quarter valued at about $27,000. Finally, Procyon Advisors LLC bought a new stake in Plug Power in the fourth quarter worth $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.