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

Plug Power Inc. (NASDAQ:PLUG) gapped up prior to trading on Monday . The stock had previously closed at $2.63, but opened at $2.85. Plug Power shares last traded at $2.85, with a volume of 17,636,029 shares trading hands.

Analyst Upgrades and Downgrades

PLUG has been the subject of several recent research reports. Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Finally, Evercore ISI dropped their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Up 19.0 %

The stock has a market capitalization of $2.85 billion, a P/E ratio of -1.46 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business’s 50 day simple moving average is $2.22 and its 200-day simple moving average is $2.23.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.47) earnings per share. As a group, analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in PLUG. Nations Financial Group Inc. IA ADV raised its stake in shares of Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 4,700 shares during the period. Arkadios Wealth Advisors raised its position in Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after buying an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares in the last quarter. Catalyst Capital Advisors LLC boosted its position in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the last quarter. Finally, Millburn Ridgefield Corp grew its stake in shares of Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. 43.48% of the stock is owned by 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.