Plug Power (NASDAQ:PLUG) Trading 3.4% Higher – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price rose 3.4% on Friday . The company traded as high as $2.46 and last traded at $2.41. Approximately 29,488,670 shares changed hands during trading, a decline of 37% from the average daily volume of 46,581,922 shares. The stock had previously closed at $2.33.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PLUG. Wells Fargo & Company cut their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Evercore ISI cut their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. Jefferies Financial Group dropped their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Finally, Piper Sandler reduced their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Up 12.9 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company has a market cap of $2.40 billion, a P/E ratio of -1.23 and a beta of 1.79. The stock has a 50 day moving average price of $2.22 and a 200 day moving average price of $2.23.

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

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in shares of Plug Power in the third quarter worth approximately $206,000. Arete Wealth Advisors LLC boosted its stake in Plug Power by 575.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after purchasing an additional 125,347 shares during the period. Geode Capital Management LLC grew its position in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of Plug Power by 31.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock valued at $170,000 after purchasing an additional 18,110 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Plug Power in the third quarter worth $823,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.