Plug Power (NASDAQ:PLUG) Trading 0.6% Higher – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price rose 0.6% on Tuesday . The stock traded as high as $3.32 and last traded at $3.17. Approximately 48,528,053 shares were traded during trading, a decline of 45% from the average daily volume of 88,000,492 shares. The stock had previously closed at $3.15.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several recent research reports. Evercore ISI cut their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Craig Hallum decreased their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group reduced their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Four equities 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Price Performance

The company has a market capitalization of $2.43 billion, a P/E ratio of -1.25 and a beta of 1.79. The company’s 50-day simple moving average is $2.27 and its 200 day simple moving average is $2.24. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company 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%. Plug Power’s quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.47) earnings per share. As a group, sell-side analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently modified their holdings of PLUG. Nations Financial Group Inc. IA ADV grew its stake in Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after buying an additional 4,700 shares during the last quarter. Arkadios Wealth Advisors boosted its holdings in Plug Power by 18.2% during the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after acquiring an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Plug Power by 0.7% in the third 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 grew its position in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. Finally, Millburn Ridgefield Corp lifted its position in shares of Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

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.