Plug Power (NASDAQ:PLUG) Trading 3.5% Higher – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares rose 3.5% during trading on Monday . The stock traded as high as $1.94 and last traded at $1.93. Approximately 22,064,294 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 76,036,719 shares. The stock had previously closed at $1.86.

Analyst Ratings Changes

PLUG has been the topic of several recent research reports. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Piper Sandler lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Finally, BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.18.

Plug Power Stock Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.74 billion, a PE ratio of -0.89 and a beta of 1.79. The business’s 50 day moving average is $2.36 and its 200 day moving average is $2.19.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million for 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 company’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.47) EPS. On average, equities research analysts predict that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in PLUG. Pacific Sage Partners LLC bought a new stake in shares of Plug Power in the fourth quarter valued at about $25,000. Prio Wealth Limited Partnership purchased a new stake in shares of Plug Power in the 3rd quarter worth approximately $29,000. Catalyst Capital Advisors LLC increased its holdings in Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares during the period. Millburn Ridgefield Corp raised its stake in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares in the last quarter. Finally, First Commonwealth Financial Corp PA purchased a new stake in Plug Power during the third quarter worth $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.