Plug Power (NASDAQ:PLUG) Shares Gap Up – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares gapped up before the market opened on Monday . The stock had previously closed at $2.24, but opened at $2.33. Plug Power shares last traded at $2.30, with a volume of 7,677,687 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Piper Sandler cut their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Canaccord Genuity Group reduced their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Susquehanna cut their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Finally, Truist Financial dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.01.

Plug Power Price Performance

The business’s 50 day moving average is $2.03 and its two-hundred day moving average is $2.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The firm has a market capitalization of $1.70 billion, a PE ratio of -0.95 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. The business’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, research analysts anticipate that Plug Power Inc. will post -1.15 EPS for the current year.

Institutional Trading of Plug Power

A number of institutional investors have recently made changes to their positions in the stock. SteelPeak Wealth LLC purchased a new stake in Plug Power during the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV bought a new position in Plug Power in the 2nd quarter worth $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter worth about $28,000. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power during the second quarter valued at about $29,000. Finally, Profund Advisors LLC bought a new position in Plug Power in the second quarter worth about $29,000. Hedge funds and other 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.