Plug Power (NASDAQ:PLUG) Stock Price Up 3.3% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price rose 3.3% on Thursday . The stock traded as high as $1.72 and last traded at $1.71. Approximately 14,453,743 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 70,357,977 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

PLUG has been the topic of several recent research reports. Susquehanna increased their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. Craig Hallum decreased their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Piper Sandler decreased their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Finally, StockNews.com raised Plug Power to a “sell” rating in a research note on Monday, February 10th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.12.

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 market capitalization of $1.60 billion, a P/E ratio of -0.82 and a beta of 1.79. The stock’s 50 day simple moving average is $2.28 and its 200 day simple moving average is $2.15.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the business earned ($0.47) earnings per share. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning raised its holdings in shares of Plug Power by 35.9% in the 3rd quarter. Creative Planning now owns 115,614 shares of the electronics maker’s stock valued at $261,000 after purchasing an additional 30,552 shares in the last quarter. Swedbank AB increased its holdings in Plug Power by 75.0% during the third quarter. Swedbank AB now owns 168,389 shares of the electronics maker’s stock valued at $381,000 after buying an additional 72,193 shares during the period. Vontobel Holding Ltd. increased its holdings in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares during the period. Continuum Wealth Advisors LLC purchased a new position in shares of Plug Power in the 3rd quarter valued at $33,000. Finally, Prio Wealth Limited Partnership purchased a new position in shares of Plug Power in the 3rd quarter valued at $29,000. 43.48% of the stock is currently owned by institutional investors.

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.