Plug Power (NASDAQ:PLUG) Stock Price Up 11.2% After Analyst Upgrade

Shares of Plug Power, Inc. (NASDAQ:PLUG) traded up 11.2% on Wednesday after Susquehanna raised their price target on the stock from $2.75 to $3.75. Susquehanna currently has a neutral rating on the stock. Plug Power traded as high as $4.11 and last traded at $3.96. 160,068,390 shares changed hands during mid-day trading, an increase of 79% from the average session volume of 89,487,750 shares. The stock had previously closed at $3.56.

Several other research analysts have also weighed in on PLUG. BTIG Research reaffirmed a “neutral” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Canaccord Genuity Group upped their target price on Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a research report on Tuesday. B. Riley Financial upped 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. Oppenheimer reiterated a “market perform” rating on shares of Plug Power in a research note on Tuesday, March 3rd. Finally, BMO Capital Markets upped 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. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $3.13.

More Plug Power News

Here are the key news stories impacting Plug Power this week:

• Positive Sentiment: Plug Power’s Q1 results showed 22% year-over-year revenue growth to $163.5 million, a smaller-than-expected loss, and major gross margin improvement, reinforcing the view that its turnaround is gaining traction.
• Positive Sentiment: Management said it remains on track to reach positive EBITDA by Q4 2026, which is supporting the bullish narrative around improving profitability and better operating discipline.
• Positive Sentiment: Analysts have turned more constructive after the earnings report: Susquehanna raised its price target to $3.75, Canaccord Genuity lifted its target to $4.00, and HC Wainwright increased its FY2030 earnings estimate and kept a Buy rating.
• Positive Sentiment: Recent commentary points to Project Quantum Leap and lower unit costs as evidence that Plug Power is improving the economics of its hydrogen business, which is helping fuel the rally. Article Title
• Neutral Sentiment: Despite the bullish momentum, some analysts still only rate the stock Neutral or Hold and note that valuation has already moved up sharply, so expectations are now higher. Article Title
• Negative Sentiment: Plug Power still posted a GAAP loss, and the business remains exposed to execution risk, cash burn concerns, and geopolitical disruption to global shipping and operations.

Institutional Trading of Plug Power

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after purchasing an additional 19,967,339 shares during the period. SG Americas Securities LLC boosted its stake in Plug Power by 208.6% during the 4th quarter. SG Americas Securities LLC now owns 1,119,191 shares of the electronics maker’s stock valued at $2,205,000 after purchasing an additional 756,510 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Plug Power by 188,201.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 781,452 shares of the electronics maker’s stock valued at $1,539,000 after purchasing an additional 781,037 shares during the period. Bouvel Investment Partners LLC boosted its stake in Plug Power by 2,210.4% during the 4th quarter. Bouvel Investment Partners LLC now owns 346,556 shares of the electronics maker’s stock valued at $683,000 after purchasing an additional 331,556 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Plug Power by 82.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,914 shares of the electronics maker’s stock valued at $1,038,000 after purchasing an additional 238,443 shares during the period. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance

The firm has a 50 day moving average of $2.64 and a two-hundred day moving average of $2.37. The stock has a market cap of $5.52 billion, a P/E ratio of -3.00 and a beta of 2.06. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.46 and a current ratio of 2.31.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $163.51 million during the quarter, compared to analysts’ expectations of $139.87 million. Plug Power had a negative return on equity of 43.68% and a negative net margin of 227.13%.The company’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.21) EPS. On average, research analysts predict that Plug Power, Inc. will post -0.3 EPS for the current fiscal year.

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.