Plug Power (NASDAQ:PLUG) Trading Up 7.8% – Time to Buy?

Plug Power, Inc. (NASDAQ:PLUG)’s stock price was up 7.8% on Wednesday . The stock traded as high as $4.22 and last traded at $4.14. Approximately 108,104,020 shares traded hands during trading, an increase of 21% from the average daily volume of 89,469,539 shares. The stock had previously closed at $3.84.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research report on Tuesday, March 3rd. Canaccord Genuity Group raised their target price on shares of Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. BMO Capital Markets raised their target price on shares of Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research report on Tuesday, May 12th. Susquehanna lifted their price target on shares of Plug Power from $2.75 to $3.75 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Plug Power in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.42.

Plug Power Trading Down 4.1%

The business’s 50-day moving average price is $3.02 and its 200 day moving average price is $2.46. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of -2.99 and a beta of 2.06.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $163.51 million for the quarter, compared to analysts’ expectations of $139.87 million. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. The business’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.21) earnings per share. On average, equities analysts forecast that Plug Power, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kovack Advisors Inc. bought a new stake in shares of Plug Power in the third quarter worth $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Plug Power by 116.7% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after buying an additional 7,000 shares during the last quarter. Sender Co & Partners Inc. bought a new stake in shares of Plug Power in the second quarter worth $26,000. Prakash Investment Advisors LLC bought a new stake in shares of Plug Power in the third quarter worth $27,000. Finally, Procyon Advisors LLC bought a new stake in shares of Plug Power in the fourth quarter worth $29,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

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.