Plug Power (NASDAQ:PLUG) Shares Gap Up – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price gapped up prior to trading on Monday . The stock had previously closed at $0.81, but opened at $1.00. Plug Power shares last traded at $1.15, with a volume of 63,275,445 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. StockNews.com raised Plug Power to a “sell” rating in a research report on Tuesday, March 4th. Truist Financial lowered their price target on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. BMO Capital Markets decreased their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Piper Sandler dropped their price target on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a report on Wednesday, March 5th. Finally, Morgan Stanley dropped their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a report on Thursday, March 6th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.29.

Plug Power Stock Performance

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 has a fifty day moving average of $1.37 and a 200-day moving average of $1.91. The stock has a market capitalization of $948.31 million, a price-to-earnings ratio of -0.47 and a beta of 2.07.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently bought and sold shares of PLUG. Pacific Sage Partners LLC purchased a new stake in shares of Plug Power during the fourth quarter worth about $25,000. Oppenheimer & Co. Inc. purchased a new position in shares of Plug Power during the 4th quarter valued at approximately $25,000. Jones Financial Companies Lllp lifted its stake in Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in Plug Power during the first quarter valued at $26,000. Finally, Callan Family Office LLC bought a new stake in shares of Plug Power during the 4th quarter valued at about $27,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

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.