Plug Power (NASDAQ:PLUG) Shares Up 9.3%

Plug Power Inc. (NASDAQ:PLUG) shares traded up 9.3% during mid-day trading on Wednesday . The stock traded as high as $2.53 and last traded at $2.48. 17,066,109 shares traded hands during trading, a decline of 57% from the average session volume of 39,484,023 shares. The stock had previously closed at $2.27.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PLUG shares. TD Cowen dropped their price target on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Marathon Capitl reiterated an “equal weight” rating on shares of Plug Power in a report on Tuesday, March 26th. Morgan Stanley dropped their price objective on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating for the company in a report on Friday, May 10th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Tuesday, May 14th. Finally, Citigroup cut Plug Power from a “neutral” rating to a “sell” rating and cut their price target for the company from $3.25 to $2.00 in a report on Friday, April 5th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.49.

Plug Power Stock Up 8.8 %

The firm has a market capitalization of $1.83 billion, a PE ratio of -1.02 and a beta of 1.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. The company has a fifty day simple moving average of $2.82 and a two-hundred day simple moving average of $3.37.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The business had revenue of $120.26 million for the quarter, compared to the consensus estimate of $162.92 million. Analysts forecast that Plug Power Inc. will post -1.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the sale, the director now directly owns 639,572 shares in the company, valued at $1,637,304.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Plug Power in the fourth quarter valued at $97,800,000. Swedbank AB acquired a new stake in shares of Plug Power during the 1st quarter worth approximately $10,687,000. Quadrature Capital Ltd purchased a new position in shares of Plug Power during the 4th quarter valued at approximately $5,133,000. Pinnacle Associates Ltd. lifted its stake in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares during the period. Finally, SG Americas Securities LLC grew its position in Plug Power by 183.6% during the fourth quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock valued at $7,453,000 after buying an additional 1,072,344 shares during the period. 43.48% of the stock is owned by hedge funds and other 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.