Plug Power (NASDAQ:PLUG) Shares Gap Up – What’s Next?

Shares of Plug Power, Inc. (NASDAQ:PLUG) gapped up prior to trading on Monday . The stock had previously closed at $2.65, but opened at $2.93. Plug Power shares last traded at $2.6450, with a volume of 43,463,062 shares trading hands.

Analyst Ratings Changes

PLUG has been the subject of a number of research reports. HC Wainwright upped their price target on shares of Plug Power from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Wall Street Zen upgraded Plug Power from a “sell” rating to a “hold” rating in a research note on Saturday. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. Morgan Stanley restated an “underweight” rating and issued a $1.50 price target on shares of Plug Power in a report on Thursday, October 16th. Finally, HSBC set a $4.40 price objective on shares of Plug Power in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.54.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of -1.11 and a beta of 2.28. The business’s 50 day simple moving average is $2.61 and its 200-day simple moving average is $1.74.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The business had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. Research analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently made changes to their positions in PLUG. Vanguard Group Inc. raised its holdings in shares of Plug Power by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock worth $255,442,000 after purchasing an additional 7,789,039 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Plug Power by 14.9% during the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after acquiring an additional 3,125,542 shares in the last quarter. Heights Capital Management Inc. acquired a new position in shares of Plug Power in the 1st quarter worth $31,174,000. Legal & General Group Plc raised its position in shares of Plug Power by 59.9% during the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock worth $25,301,000 after purchasing an additional 6,364,483 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Plug Power by 45.8% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,027,081 shares of the electronics maker’s stock valued at $11,743,000 after purchasing an additional 2,521,348 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

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.