Plug Power (NASDAQ:PLUG) Stock Price Up 1.4%

Plug Power Inc. (NASDAQ:PLUG)’s share price was up 1.4% during mid-day trading on Thursday . The stock traded as high as $2.26 and last traded at $2.13. Approximately 19,304,780 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 39,041,836 shares. The stock had previously closed at $2.10.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PLUG shares. Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Susquehanna reduced their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Royal Bank of Canada decreased their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Craig Hallum dropped their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.19.

Plug Power Stock Performance

The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.51 billion, a PE ratio of -0.89 and a beta of 1.79. The business has a 50 day simple moving average of $2.22 and a 200 day simple moving average of $2.71.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business’s revenue was down 44.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.35) EPS. Equities research analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after acquiring an additional 999,194 shares during the last quarter. Norges Bank purchased a new position in shares of Plug Power in the fourth quarter worth about $97,800,000. Pinnacle Associates Ltd. lifted its holdings in shares of Plug Power by 41.4% during the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after purchasing an additional 1,105,813 shares during the period. Van ECK Associates Corp boosted its position in Plug Power by 37.0% in the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after buying an additional 923,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Plug Power by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after buying an additional 102,095 shares during the period. 43.48% of the stock is currently 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.