Plug Power (NASDAQ:PLUG) Trading Up 7.8% – Should You Buy?

Plug Power Inc. (NASDAQ:PLUG) shares shot up 7.8% during trading on Monday . The company traded as high as $1.08 and last traded at $1.05. 34,880,202 shares changed hands during trading, a decline of 47% from the average session volume of 65,347,662 shares. The stock had previously closed at $0.97.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. BMO Capital Markets decreased their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. B. Riley lowered their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 14th. UBS Group dropped their target price on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a report on Friday, March 21st. Finally, Truist Financial decreased their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $1.83.

Plug Power Trading Up 22.3%

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 has a market capitalization of $1.28 billion, a PE ratio of -0.55 and a beta of 2.17. The company has a fifty day simple moving average of $0.92 and a 200-day simple moving average of $1.65.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The firm had revenue of $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Analysts predict that Plug Power Inc. will post -1.21 EPS for the current year.

Insider Buying and Selling at Plug Power

In other Plug Power news, CFO Paul B. Middleton acquired 350,000 shares of the stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $0.72 per share, for a total transaction of $252,000.00. Following the purchase, the chief financial officer now directly owns 1,908,064 shares in the company, valued at $1,373,806.08. This trade represents a 22.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PLUG. Oppenheimer & Co. Inc. purchased a new position in Plug Power in the fourth quarter valued at about $25,000. Jones Financial Companies Lllp increased its holdings in Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after buying an additional 6,074 shares during the period. Callan Family Office LLC acquired a new position in Plug Power in the fourth quarter worth about $27,000. Ground Swell Capital LLC acquired a new position in shares of Plug Power in the 4th quarter worth approximately $27,000. Finally, Savant Capital LLC bought a new position in shares of Plug Power during the fourth quarter valued at $31,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.