Plug Power (NASDAQ:PLUG) Trading 3.4% Higher – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price traded up 3.4% during mid-day trading on Wednesday . The stock traded as high as $2.92 and last traded at $2.75. 33,647,093 shares changed hands during trading, a decline of 57% from the average session volume of 77,443,867 shares. The stock had previously closed at $2.66.

Analyst Ratings Changes

A number of research firms have recently commented on PLUG. Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Craig Hallum reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Susquehanna raised their price target on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday. Evercore ISI dropped their price objective 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, Wells Fargo & Company decreased their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.55.

Plug Power Stock Performance

The firm has a market capitalization of $2.22 billion, a PE ratio of -1.14 and a beta of 1.79. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $2.33 and a 200 day moving average of $2.25.

Plug Power (NASDAQ:PLUG) last issued 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). The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.47) EPS. Equities research analysts predict that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nations Financial Group Inc. IA ADV increased its stake in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 4,700 shares during the last quarter. Arkadios Wealth Advisors boosted its holdings in shares of Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after purchasing an additional 5,075 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares during the last quarter. Catalyst Capital Advisors LLC raised its holdings in shares of Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares in the last quarter. Finally, Millburn Ridgefield Corp lifted its position in Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.