Plug Power (NASDAQ:PLUG) Trading Up 16% – Time to Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 16% during trading on Monday . The stock traded as high as $3.07 and last traded at $3.05. Approximately 48,428,552 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 67,893,992 shares. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

PLUG has been the subject of several recent research reports. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Craig Hallum reduced their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Piper Sandler dropped 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. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Four 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Up 19.4 %

The company has a market capitalization of $2.86 billion, a P/E ratio of -1.47 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business’s 50-day moving average price is $2.22 and its two-hundred day moving average price is $2.23.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million during 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%. The firm’s revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.47) earnings per share. As a group, analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new stake in shares of Plug Power in the third quarter valued at about $206,000. Arete Wealth Advisors LLC lifted its stake in Plug Power by 575.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock valued at $332,000 after acquiring an additional 125,347 shares in the last quarter. Geode Capital Management LLC boosted its position in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Duff & Phelps Investment Management Co. grew its stake in shares of Plug Power by 31.7% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after acquiring an additional 18,110 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in Plug Power in the 3rd quarter valued at $823,000. 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.