Plug Power (NASDAQ:PLUG) Trading Up 9.6% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares were up 9.6% on Friday . The stock traded as high as $2.53 and last traded at $2.52. Approximately 27,963,316 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 43,295,191 shares. The stock had previously closed at $2.30.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PLUG shares. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Jefferies Financial Group reduced their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company reduced their price target on shares of 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. Piper Sandler reduced their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Finally, Evercore ISI reduced their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Up 11.3 %

The stock has a market capitalization of $2.33 billion, a PE ratio of -1.20 and a beta of 1.76. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average is $2.18 and its 200 day moving average is $2.27.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS 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 company 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% compared to the same quarter last year. As a group, analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of PLUG. Nisa Investment Advisors LLC raised its position in Plug Power by 1,355.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 96,643 shares of the electronics maker’s stock worth $225,000 after buying an additional 90,003 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Plug Power by 37.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 798,396 shares of the electronics maker’s stock valued at $1,860,000 after purchasing an additional 219,570 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in shares of Plug Power by 57.8% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 341,906 shares of the electronics maker’s stock valued at $797,000 after purchasing an additional 125,260 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power during the 2nd quarter valued at approximately $26,000. 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.