Plug Power (NASDAQ:PLUG) Stock Price Up 3.5% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 3.5% on Thursday . The stock traded as high as $1.94 and last traded at $1.92. Approximately 13,831,626 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 73,689,797 shares. The stock had previously closed at $1.85.

Analyst Ratings Changes

PLUG has been the subject of several research analyst reports. Craig Hallum reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Canaccord Genuity Group reduced their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. StockNews.com upgraded shares of Plug Power to a “sell” rating in a report on Wednesday, January 22nd. Finally, Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.18.

Plug Power Price Performance

The company has a market capitalization of $1.74 billion, a P/E ratio of -0.89 and a beta of 1.79. The company’s 50-day moving average price is $2.35 and its two-hundred day moving average price is $2.18. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last released its quarterly 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 return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same period in the prior year, the business posted ($0.47) earnings per share. Plug Power’s revenue was down 12.6% compared to the same quarter last year. As a group, sell-side analysts expect that Plug Power Inc. will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares in the last quarter. XTX Topco Ltd acquired a new stake in Plug Power during the third quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Plug Power by 24.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after buying an additional 476,060 shares in the last quarter. Stifel Financial Corp grew its stake in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after buying an additional 265,514 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Plug Power by 166.4% during the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

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.