Plug Power (NASDAQ:PLUG) Shares Up 2.4% – Should You Buy?

Plug Power, Inc. (NASDAQ:PLUG)’s stock price shot up 2.4% during trading on Friday . The company traded as high as $3.06 and last traded at $2.95. 80,260,096 shares changed hands during trading, a decline of 15% from the average session volume of 94,652,344 shares. The stock had previously closed at $2.88.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of recent research reports. Jefferies Financial Group increased their price objective on shares of Plug Power from $0.90 to $1.60 and gave the company a “hold” rating in a research note on Wednesday, July 23rd. HSBC set a $4.40 price objective on shares of Plug Power in a research note on Thursday, October 9th. Morgan Stanley reiterated an “underweight” rating and set a $1.50 price objective on shares of Plug Power in a research note on Thursday, October 16th. Wells Fargo & Company increased their price objective on shares of Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a research note on Thursday, August 14th. Finally, Susquehanna increased their price objective on shares of Plug Power from $1.80 to $3.50 and gave the company a “neutral” rating in a research note on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.54.

Plug Power Trading Up 2.4%

The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -1.28 and a beta of 2.23. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The company’s 50 day simple moving average is $2.39 and its two-hundred day simple moving average is $1.61.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The firm had revenue of $173.97 million during the quarter, compared to analyst estimates of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. As a group, research analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. raised its holdings in shares of Plug Power by 31.8% in the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker’s stock worth $37,000 after buying an additional 6,039 shares during the last quarter. Mandatum Life Insurance Co Ltd raised its holdings in shares of Plug Power by 17.6% in the second quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker’s stock worth $73,000 after buying an additional 7,300 shares during the last quarter. Avidian Wealth Enterprises LLC raised its holdings in shares of Plug Power by 45.4% in the second quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker’s stock worth $36,000 after buying an additional 7,500 shares during the last quarter. J. L. Bainbridge & Co. Inc. raised its holdings in shares of Plug Power by 69.4% in the third quarter. J. L. Bainbridge & Co. Inc. now owns 20,306 shares of the electronics maker’s stock worth $47,000 after buying an additional 8,317 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of Plug Power by 11.9% in the second quarter. Ameritas Investment Partners Inc. now owns 93,347 shares of the electronics maker’s stock worth $139,000 after buying an additional 9,921 shares during the last quarter. 43.48% of the stock is currently 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.