Plug Power (NASDAQ:PLUG) Shares Up 5.2% – Here’s What Happened

Shares of Plug Power, Inc. (NASDAQ:PLUG) were up 5.2% during trading on Wednesday . The stock traded as high as $2.62 and last traded at $2.5350. Approximately 43,749,030 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 102,195,836 shares. The stock had previously closed at $2.41.

Analyst Upgrades and Downgrades

Several research firms have commented on PLUG. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Plug Power in a report on Monday, November 24th. TD Cowen lowered shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Friday, January 9th. Morgan Stanley reiterated an “underweight” rating and issued a $1.50 price target on shares of Plug Power in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research report on Thursday, January 22nd. Finally, Canaccord Genuity Group set a $7.00 price target on Plug Power in a research report on Monday, November 24th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.73.

Plug Power Trading Up 3.5%

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.70. The business’s 50-day moving average price is $2.18 and its 200 day moving average price is $2.20. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -1.05 and a beta of 1.68.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.01. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%.The company had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. On average, equities analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Plug Power

In related news, insider Jose Luis Crespo acquired 37,300 shares of Plug Power stock in a transaction on Monday, December 15th. The shares were purchased at an average cost of $2.34 per share, for a total transaction of $87,282.00. Following the purchase, the insider directly owned 307,332 shares of the company’s stock, valued at $719,156.88. The trade was a 13.81% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $2.17, for a total transaction of $86,800.00. Following the transaction, the insider directly owned 333,809 shares of the company’s stock, valued at approximately $724,365.53. This represents a 10.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 90,000 shares of company stock worth $204,000 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Plug Power by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock valued at $3,520,000 after purchasing an additional 297,754 shares during the last quarter. Focus Partners Wealth bought a new position in shares of Plug Power during the first quarter worth about $37,000. CX Institutional grew its position in shares of Plug Power by 2,039.8% during the second quarter. CX Institutional now owns 41,961 shares of the electronics maker’s stock worth $63,000 after acquiring an additional 40,000 shares during the last quarter. O ROURKE & COMPANY Inc bought a new stake in Plug Power in the 2nd quarter valued at about $30,000. Finally, QRG Capital Management Inc. boosted its stake in Plug Power by 31.8% during the 2nd quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 6,039 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.