Plug Power (NASDAQ:PLUG) Stock Price Up 14.5% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG)’s share price rose 14.5% on Monday . The company traded as high as $3.43 and last traded at $3.5730. Approximately 20,403,554 shares traded hands during trading, a decline of 76% from the average daily volume of 85,785,586 shares. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of recent research reports. Jefferies Financial Group cut their price objective on Plug Power from $2.00 to $1.80 and set a “hold” rating on the stock in a research report on Monday, March 9th. Wells Fargo & Company upped their price objective on Plug Power from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 4th. BTIG Research reaffirmed a “neutral” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Oppenheimer reaffirmed a “market perform” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Plug Power in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.03.

Plug Power Trading Up 11.7%

The company has a debt-to-equity ratio of 0.64, a current ratio of 2.31 and a quick ratio of 1.46. The business’s 50 day moving average is $2.55 and its 200 day moving average is $2.36. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of -2.58 and a beta of 2.06.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, March 2nd. The electronics maker reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $225.22 million during the quarter, compared to the consensus estimate of $217.38 million. Plug Power had a negative net margin of 229.83% and a negative return on equity of 45.97%. During the same quarter in the previous year, the firm posted ($1.48) earnings per share. As a group, equities analysts expect that Plug Power, Inc. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Plug Power by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock worth $255,311,000 after purchasing an additional 19,967,339 shares in the last quarter. State Street Corp boosted its stake in Plug Power by 29.9% in the fourth quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock valued at $63,549,000 after acquiring an additional 7,416,943 shares in the last quarter. Geode Capital Management LLC boosted its stake in Plug Power by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock valued at $61,611,000 after acquiring an additional 3,456,323 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Plug Power by 241.2% in the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after acquiring an additional 12,820,616 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Plug Power by 4.2% in the third quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock valued at $41,230,000 after acquiring an additional 714,212 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.