Plug Power (NASDAQ:PLUG) Shares Up 4.8% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) was up 4.8% during trading on Friday . The stock traded as high as $1.99 and last traded at $1.98. Approximately 109,423,132 shares traded hands during mid-day trading, an increase of 13% from the average daily volume of 96,896,672 shares. The stock had previously closed at $1.89.

Analyst Ratings Changes

PLUG has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research note on Wednesday, October 8th. HSBC set a $4.40 target price on shares of Plug Power in a report on Thursday, October 9th. Wells Fargo & Company lifted their price target 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. Hsbc Global Res upgraded shares of Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. Finally, Morgan Stanley restated an “underweight” rating and issued a $1.50 price objective on shares of Plug Power in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.42.

Plug Power Stock Performance

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 stock’s fifty day moving average is $2.76 and its two-hundred day moving average is $1.82. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -0.86 and a beta of 2.28.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The firm had revenue of $177.06 million during the quarter, compared to analysts’ expectations of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. On average, analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Benjamin Haycraft sold 10,000 shares of Plug Power stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $2.92, for a total transaction of $29,200.00. Following the completion of the transaction, the executive vice president owned 467,583 shares in the company, valued at approximately $1,365,342.36. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

A number of hedge funds have recently made changes to their positions in the business. Kovack Advisors Inc. acquired a new position in shares of Plug Power during the 3rd quarter worth approximately $26,000. Yousif Capital Management LLC bought a new position in Plug Power during the third quarter worth $27,000. Prakash Investment Advisors LLC bought a new position in Plug Power during the third quarter worth $27,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Plug Power in the third quarter valued at $30,000. Finally, Oak Thistle LLC bought a new position in shares of Plug Power in the third quarter valued at about $30,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Company Profile

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.