Plug Power (NASDAQ:PLUG) Trading Up 9.9% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG)’s share price shot up 9.9% on Tuesday . The stock traded as high as $2.19 and last traded at $2.11. 120,699,234 shares traded hands during trading, an increase of 25% from the average session volume of 96,692,313 shares. The stock had previously closed at $1.92.

Analysts Set New Price Targets

Several brokerages recently weighed in on PLUG. HSBC set a $4.40 price target on shares of Plug Power in a report on Thursday, October 9th. Wall Street Zen cut shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research note on Monday, November 24th. Canaccord Genuity Group set a $7.00 price target on shares of Plug Power in a research report on Monday, November 24th. Finally, BMO Capital Markets cut their price objective on shares of Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a report on Tuesday, August 12th. One investment 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.80.

Plug Power Stock Performance

The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The firm’s fifty day moving average is $2.76 and its 200 day moving average is $1.89. The company has a market cap of $2.94 billion, a PE ratio of -0.91 and a beta of 2.28.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.01. The business had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 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 predict that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Transactions at Plug Power

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 467,583 shares in the company, valued at approximately $1,365,342.36. The trade was a 2.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

Several large investors have recently made changes to their positions in PLUG. Kovack Advisors Inc. purchased a new position in Plug Power in the 3rd quarter valued at $26,000. Sender Co & Partners Inc. acquired a new stake in shares of Plug Power in the second quarter valued at about $26,000. Yousif Capital Management LLC purchased a new position in shares of Plug Power in the third quarter worth about $27,000. Prakash Investment Advisors LLC acquired a new position in Plug Power during the third quarter worth about $27,000. Finally, O ROURKE & COMPANY Inc acquired a new position in Plug Power during the second quarter worth about $30,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.