Plug Power (NASDAQ:PLUG) Shares Up 0.7% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares were up 0.7% during mid-day trading on Tuesday . The company traded as high as $3.00 and last traded at $2.73. Approximately 25,968,977 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 79,100,680 shares. The stock had previously closed at $2.71.

Analyst Upgrades and Downgrades

PLUG has been the subject of several research reports. Canaccord Genuity Group reduced their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Piper Sandler cut their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Jefferies Financial Group decreased their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Finally, Craig Hallum decreased their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm has a 50-day moving average price of $2.30 and a 200-day moving average price of $2.24. The stock has a market cap of $2.41 billion, a P/E ratio of -1.24 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same period last year, the firm posted ($0.47) EPS. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PLUG. Profund Advisors LLC purchased a new position in Plug Power during the 2nd quarter worth $29,000. Prio Wealth Limited Partnership purchased a new position in shares of Plug Power in the 3rd quarter valued at approximately $29,000. Catalyst Capital Advisors LLC lifted its stake in shares of Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the period. First Commonwealth Financial Corp PA acquired a new stake in Plug Power during the 3rd quarter valued at approximately $29,000. Finally, Millburn Ridgefield Corp raised its holdings in shares of Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during 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.