Plug Power (NASDAQ:PLUG) Shares Up 0.7% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) rose 0.7% on Tuesday . The company traded as high as $3.00 and last traded at $2.73. Approximately 25,968,977 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 79,100,680 shares. The stock had previously closed at $2.71.

Wall Street Analyst Weigh In

PLUG has been the subject of a number of research reports. Piper Sandler reduced their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Wells Fargo & Company reduced their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Evercore ISI dropped their price objective 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 reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average target price of $4.55.

Plug Power Stock Performance

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 firm’s 50 day moving average price is $2.32 and its 200-day moving average price is $2.25. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -1.28 and a beta of 1.79.

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

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the company. Profund Advisors LLC bought a new position in Plug Power during the 2nd quarter valued at about $29,000. Prio Wealth Limited Partnership bought a new position in shares of Plug Power in the third quarter valued at approximately $29,000. Catalyst Capital Advisors LLC boosted its holdings in shares of Plug Power by 79.9% in 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 in the last quarter. Millburn Ridgefield Corp grew its position in 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 during the last quarter. Finally, First Commonwealth Financial Corp PA acquired a new stake in Plug Power during the 3rd quarter valued at $29,000. Institutional investors and hedge funds 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.