Plug Power (NASDAQ:PLUG) Trading 2.3% Higher – Still a Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) were up 2.3% during trading on Monday . The company traded as high as $0.94 and last traded at $0.88. Approximately 38,865,868 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 55,821,720 shares. The stock had previously closed at $0.86.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PLUG shares. Piper Sandler cut their price objective on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a report on Wednesday, March 5th. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. UBS Group cut their target price on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, March 21st. Seaport Res Ptn lowered shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Finally, BMO Capital Markets cut their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average price target of $2.10.

Plug Power Trading Up 5.0%

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 stock has a market cap of $924.31 million, a P/E ratio of -0.42 and a beta of 2.19. The firm’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.82.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, May 8th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. As a group, equities research analysts anticipate that Plug Power Inc. will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker’s stock valued at $123,348,000 after acquiring an additional 3,930,342 shares in the last quarter. Norges Bank acquired a new stake in Plug Power during the fourth quarter valued at approximately $146,465,000. Geode Capital Management LLC lifted its stake in Plug Power by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after purchasing an additional 722,639 shares during the last quarter. Legal & General Group Plc lifted its stake in Plug Power by 8.5% during the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock valued at $21,602,000 after purchasing an additional 796,774 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after purchasing an additional 790,650 shares during the last quarter. 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.