Plug Power (NASDAQ:PLUG) Shares Up 8.8% – Should You Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) traded up 8.8% during trading on Friday . The stock traded as high as $1.81 and last traded at $1.80. 60,934,874 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 68,103,344 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of recent research reports. Piper Sandler cut their price target on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a report on Wednesday. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Craig Hallum cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Finally, Susquehanna dropped their price target on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.34.

Plug Power Trading Up 8.2 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business’s 50 day simple moving average is $2.08 and its 200 day simple moving average is $2.10. The stock has a market cap of $1.63 billion, a P/E ratio of -0.83 and a beta of 1.79.

Institutional Trading of Plug Power

Several institutional investors have recently bought and sold shares of the stock. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Plug Power during the 4th quarter worth about $60,000. Toronto Dominion Bank bought a new stake in Plug Power during the 4th quarter worth approximately $270,000. Retirement Planning Group LLC NY acquired a new stake in Plug Power during the 4th quarter valued at $38,000. GTS Securities LLC raised its position in Plug Power by 150.0% in the 4th quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 56,255 shares during the last quarter. Finally, 49 Wealth Management LLC raised its position in Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock valued at $62,000 after purchasing an additional 5,834 shares during the last quarter. Institutional investors and hedge funds 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.