Plug Power (NASDAQ:PLUG) Trading 16% Higher – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price traded up 16% during trading on Monday . The stock traded as high as $3.07 and last traded at $3.05. 48,428,552 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 67,893,992 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

Several research firms recently weighed in on PLUG. Wells Fargo & Company dropped their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Evercore ISI reduced their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Finally, Piper Sandler decreased their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average is $2.27 and its two-hundred day moving average is $2.24. The firm has a market cap of $2.43 billion, a P/E ratio of -1.25 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last released 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 analysts’ expectations of $207.25 million. During the same period in the previous year, the company posted ($0.47) earnings per share. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. As a group, equities analysts predict that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new stake in Plug Power during the third quarter worth about $206,000. Arete Wealth Advisors LLC grew its holdings in Plug Power by 575.8% during the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock valued at $332,000 after purchasing an additional 125,347 shares during the period. Geode Capital Management LLC increased 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 worth $43,388,000 after buying an additional 3,662,456 shares during the last quarter. Duff & Phelps Investment Management Co. raised its stake in shares of Plug Power by 31.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock valued at $170,000 after buying an additional 18,110 shares during the period. Finally, Main Management ETF Advisors LLC bought a new position in shares of Plug Power during the 3rd quarter worth $823,000. 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.