Plug Power (NASDAQ:PLUG) Trading 1.6% Higher – What’s Next?

Plug Power, Inc. (NASDAQ:PLUG)’s share price traded up 1.6% during trading on Tuesday . The company traded as high as $4.03 and last traded at $3.84. 111,348,788 shares changed hands during mid-day trading, an increase of 25% from the average session volume of 89,274,180 shares. The stock had previously closed at $3.78.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wells Fargo & Company boosted their price objective on Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, May 19th. Oppenheimer reissued a “market perform” rating on shares of Plug Power in a research note on Tuesday, March 3rd. Canaccord Genuity Group upped their price target on Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a research note on Tuesday, May 12th. B. Riley Financial upped their price target on Plug Power from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, TD Cowen upped their price target on Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.42.

Plug Power Stock Up 1.6%

The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of -2.91 and a beta of 2.06. The firm has a 50 day moving average price of $2.91 and a 200-day moving average price of $2.42.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) 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 business had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, equities analysts predict that Plug Power, Inc. will post -0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock worth $255,311,000 after buying an additional 19,967,339 shares during the period. State Street Corp grew its position in shares of Plug Power by 29.9% during the 4th quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after buying an additional 7,416,943 shares during the period. Geode Capital Management LLC grew its position in shares of Plug Power by 12.4% during the 4th quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock worth $61,611,000 after buying an additional 3,456,323 shares during the period. Renaissance Technologies LLC grew its position in shares of Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after buying an additional 13,685,900 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock worth $40,971,000 after buying an additional 12,820,616 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

About Plug Power

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.