Plug Power (NASDAQ:PLUG) Trading 1.6% Higher – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 1.6% on Wednesday . The company traded as high as $2.01 and last traded at $1.95. Approximately 19,108,451 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 41,246,230 shares. The stock had previously closed at $1.92.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLUG. Royal Bank of Canada reduced their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company decreased their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Truist Financial decreased their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, 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 report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Trading Down 1.0 %

The company has a 50 day moving average price of $2.08 and a two-hundred day moving average price of $2.40. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -0.91 and a beta of 1.81. 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 announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power’s revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) EPS. On average, research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares during the period. Geode Capital Management LLC lifted its stake in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. Van ECK Associates Corp increased its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted its holdings in shares of Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.