Plug Power (NASDAQ:PLUG) Trading Up 6.6% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) was up 6.6% on Tuesday . The company traded as high as $2.35 and last traded at $2.3140. 8,388,890 shares changed hands during trading, a decline of 90% from the average daily volume of 81,282,820 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings upgraded shares of Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. Morgan Stanley lifted their price objective on shares of Plug Power from $1.50 to $1.65 and gave the stock an “underweight” rating in a research report on Thursday, July 9th. Canaccord Genuity Group boosted their price objective on shares of Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a research note on Tuesday, May 12th. Susquehanna decreased their price objective on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a report on Friday. Finally, BMO Capital Markets boosted their target price on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.30.

Plug Power Stock Performance

The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89. The company has a market cap of $3.20 billion, a PE ratio of -1.74 and a beta of 2.16. The firm’s 50-day simple moving average is $3.13 and its two-hundred day simple moving average is $2.61.

Plug Power (NASDAQ:PLUG) last issued its quarterly 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. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company had revenue of $163.51 million during the quarter, compared to analysts’ expectations of $139.87 million. During the same quarter in the previous year, the firm posted ($0.21) EPS. The firm’s revenue was up 22.3% compared to the same quarter last year. As a group, research analysts anticipate that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. raised its stake in shares of Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after buying an additional 19,967,339 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in Plug Power by 446.9% in the second quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after acquiring an additional 15,537,320 shares during the period. Renaissance Technologies LLC purchased a new stake in Plug Power in the 4th quarter worth approximately $27,684,000. Dimensional Fund Advisors LP grew its stake in shares of Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock worth $40,971,000 after purchasing an additional 12,820,616 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Plug Power by 292.1% in the 3rd quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock valued at $25,236,000 after purchasing an additional 8,068,713 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.