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

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 6.6% during mid-day trading on Friday . The company traded as high as $2.28 and last traded at $2.27. 30,014,393 shares changed hands during trading, a decline of 28% from the average session volume of 41,782,125 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Susquehanna dropped their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company dropped their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Truist Financial dropped their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Evercore ISI dropped their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Finally, BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Up 5.2 %

The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -1.00 and a beta of 1.81. The firm has a fifty day moving average price of $2.09 and a 200 day moving average price of $2.37. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the previous year, the business earned ($0.47) earnings per share. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, sell-side analysts expect that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV purchased a new position in Plug Power in the 2nd quarter valued at approximately $26,000. SteelPeak Wealth LLC purchased a new position in Plug Power during the second quarter worth $26,000. Aire Advisors LLC purchased a new position in Plug Power during the second quarter worth $28,000. Madison Park Capital Advisors LLC purchased a new position in Plug Power during the second quarter worth $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power during the second quarter worth $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.