Plug Power (NASDAQ:PLUG) Shares Up 6.6% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG) traded up 6.6% during mid-day trading on Tuesday . The company traded as high as $2.35 and last traded at $2.3140. Approximately 8,388,890 shares changed hands during trading, a decline of 90% from the average daily volume of 81,282,820 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of research analyst reports. B. Riley Financial increased their target price on Plug Power from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday. Wells Fargo & Company upped their price objective on Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Morgan Stanley increased their price objective on Plug Power from $1.50 to $1.65 and gave the company an “underweight” rating in a research report on Thursday, July 9th. Finally, Susquehanna decreased their price objective on Plug Power from $3.75 to $2.50 and set a “neutral” rating on the stock in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.30.

Plug Power Stock Performance

The company has a market cap of $3.08 billion, a P/E ratio of -1.67 and a beta of 2.16. The company’s fifty day moving average is $3.09 and its 200 day moving average is $2.61. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The business had revenue of $163.51 million during the quarter, compared to analyst estimates of $139.87 million. During the same period in the prior year, the business posted ($0.21) earnings per share. The company’s revenue was up 22.3% on a year-over-year basis. As a group, equities analysts predict that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Large investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Plug Power by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock valued at $3,520,000 after purchasing an additional 297,754 shares during the period. Focus Partners Wealth purchased a new position in shares of Plug Power in the first quarter worth $37,000. JPMorgan Chase & Co. raised its holdings in Plug Power by 6.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,504,744 shares of the electronics maker’s stock valued at $2,242,000 after buying an additional 95,876 shares during the last quarter. Prudential Financial Inc. raised its holdings in Plug Power by 87.2% during the 2nd quarter. Prudential Financial Inc. now owns 111,945 shares of the electronics maker’s stock valued at $167,000 after buying an additional 52,135 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Plug Power by 24.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 73,084 shares of the electronics maker’s stock valued at $109,000 after buying an additional 14,471 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.