Plug Power (NASDAQ:PLUG) Stock Price Up 1.2% – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG)’s stock price was up 1.2% during trading on Thursday . The company traded as high as $2.12 and last traded at $2.06. Approximately 21,558,657 shares changed hands during trading, a decline of 72% from the average daily volume of 78,011,633 shares. The stock had previously closed at $2.03.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PLUG shares. Jefferies Financial Group reduced their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company decreased their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Plug Power in a research note on Wednesday, November 13th. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, StockNews.com raised shares of Plug Power to a “sell” rating in a report on Wednesday. Five analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Plug Power presently has an average rating of “Hold” and an average price target of $4.55.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock’s fifty day moving average price is $2.36 and its 200-day moving average price is $2.25. The company has a market capitalization of $1.89 billion, a P/E ratio of -0.97 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.47) earnings per share. As a group, research analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. XTX Topco Ltd bought a new stake in Plug Power in the third quarter worth about $2,174,000. Finally, Van ECK Associates Corp raised its position in Plug Power by 23.6% in the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

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.