Plug Power (NASDAQ:PLUG) Shares Gap Up to $2.41

Plug Power Inc. (NASDAQ:PLUG)’s share price gapped up before the market opened on Monday . The stock had previously closed at $2.41, but opened at $2.51. Plug Power shares last traded at $2.52, with a volume of 6,596,754 shares.

Wall Street Analyst Weigh In

Several research firms recently commented on PLUG. B. Riley reduced their target price on Plug Power from $18.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. BMO Capital Markets lowered Plug Power from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $3.50 to $2.50 in a research note on Wednesday, January 24th. Redburn Atlantic started coverage on Plug Power in a research note on Tuesday, February 6th. They issued a “neutral” rating and a $4.50 target price for the company. Roth Mkm raised Plug Power from a “neutral” rating to a “buy” rating and boosted their target price for the company from $4.50 to $9.00 in a research note on Wednesday, January 31st. Finally, UBS Group lowered Plug Power from a “buy” rating to a “neutral” rating and set a $4.75 target price for the company. in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $6.05.

Plug Power Price Performance

The stock has a market cap of $1.68 billion, a P/E ratio of -1.07 and a beta of 1.54. The firm has a 50-day moving average price of $3.25 and a 200-day moving average price of $4.11. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.86 and a current ratio of 1.85.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The company had revenue of $222.20 million during the quarter, compared to analysts’ expectations of $234.21 million. Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.38) EPS. On average, analysts forecast that Plug Power Inc. will post -0.94 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Plug Power by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 53,987,285 shares of the electronics maker’s stock valued at $242,943,000 after purchasing an additional 283,376 shares during the last quarter. Norges Bank purchased a new stake in Plug Power during the 4th quarter valued at $97,800,000. Robeco Schweiz AG boosted its stake in Plug Power by 3.9% during the 3rd quarter. Robeco Schweiz AG now owns 6,201,500 shares of the electronics maker’s stock valued at $47,131,000 after purchasing an additional 235,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Plug Power by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after purchasing an additional 102,095 shares during the last quarter. 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.