Plug Power (NASDAQ:PLUG) Shares Up 7.3% – Should You Buy?

Plug Power Inc. (NASDAQ:PLUG) was up 7.3% during trading on Wednesday . The stock traded as high as $1.68 and last traded at $1.69. Approximately 17,517,158 shares traded hands during trading, a decline of 74% from the average daily volume of 67,471,703 shares. The stock had previously closed at $1.57.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of analyst reports. Susquehanna increased their price target on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI decreased their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group lowered their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.12.

Plug Power Stock Up 6.7 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average is $2.17 and its 200-day moving average is $2.12. The stock has a market capitalization of $1.53 billion, a PE ratio of -0.78 and a beta of 1.79.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Plug Power during the fourth quarter worth about $146,465,000. Point72 Asset Management L.P. acquired a new position in Plug Power in the fourth quarter valued at approximately $10,370,000. Vanguard Group Inc. boosted its position in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after buying an additional 4,491,114 shares during the period. Geode Capital Management LLC raised its holdings in Plug Power by 23.6% during the third 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. Finally, Renaissance Technologies LLC bought a new position in shares of Plug Power during the 4th quarter valued at about $6,235,000. 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.