Plug Power (NASDAQ:PLUG) Trading Up 0.5% – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 0.5% during mid-day trading on Thursday . The stock traded as high as $1.96 and last traded at $1.93. 12,205,369 shares were traded during mid-day trading, a decline of 70% from the average session volume of 41,327,363 shares. The stock had previously closed at $1.92.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Evercore ISI dropped their target price 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. Piper Sandler dropped their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Susquehanna dropped their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada dropped their target price on 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. Finally, Craig Hallum dropped their target price 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. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

The firm has a 50 day moving average of $2.08 and a 200-day moving average of $2.38. 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 issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (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 the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the business posted ($0.47) EPS. On average, equities analysts expect that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several institutional investors have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC purchased a new position in Plug Power during the 2nd quarter valued at approximately $26,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power in the 2nd quarter worth approximately $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter worth approximately $28,000. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter worth approximately $29,000. Finally, Profund Advisors LLC purchased a new position in shares of Plug Power in the 2nd quarter worth approximately $29,000. 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.