Plug Power (NASDAQ:PLUG) Stock Price Up 0.6% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 0.6% during mid-day trading on Tuesday . The company traded as high as $3.32 and last traded at $3.17. Approximately 48,528,053 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 88,000,492 shares. The stock had previously closed at $3.15.

Analysts Set New Price Targets

A number of analysts have recently commented on PLUG shares. Wells Fargo & Company cut their price objective on shares of 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. Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Craig Hallum decreased their price objective 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. Finally, Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Down 5.7 %

The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -1.39 and a beta of 1.79. 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 stock has a 50-day moving average of $2.24 and a 200-day moving average of $2.23.

Plug Power (NASDAQ:PLUG) last posted 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). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period last year, the firm earned ($0.47) EPS. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. Sell-side analysts predict that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its position 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 valued at $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Plug Power by 25.6% during the 3rd 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 in the last quarter. Vontobel Holding Ltd. lifted its stake in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after buying an additional 1,036,777 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Plug Power during the third quarter worth $2,174,000. 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.