Plug Power (NASDAQ:PLUG) Trading Up 3.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price shot up 3.5% during trading on Thursday . The company traded as high as $1.94 and last traded at $1.92. 13,831,626 shares were traded during mid-day trading, a decline of 81% from the average session volume of 73,689,797 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Evercore ISI lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Canaccord Genuity Group lowered their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Susquehanna raised their price objective on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, StockNews.com raised Plug Power to a “sell” rating in a research note on Wednesday, January 22nd. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus target price of $4.12.

Plug Power Price Performance

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business’s 50-day simple moving average is $2.33 and its 200-day simple moving average is $2.17. The stock has a market cap of $1.68 billion, a PE ratio of -0.86 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released its quarterly 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 revenue for the quarter was down 12.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.47) EPS. On average, research analysts expect that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. Geode Capital Management LLC boosted its stake in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Plug Power by 25.6% in 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 buying an additional 1,354,500 shares during the period. Van ECK Associates Corp boosted its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after acquiring an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Plug Power by 8.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker’s stock worth $5,224,000 after acquiring an additional 183,438 shares in the last quarter. 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.