Plug Power (NASDAQ:PLUG) Shares Gap Up to $2.49

Plug Power Inc. (NASDAQ:PLUG)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.49, but opened at $2.59. Plug Power shares last traded at $2.71, with a volume of 9,638,997 shares traded.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Truist Financial increased their price target on Plug Power from $3.00 to $4.00 and gave the company a “hold” rating in a research note on Wednesday, February 28th. Evercore ISI lowered their target price on shares of Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a research note on Monday, March 4th. Susquehanna lowered their price objective on shares of Plug Power from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Piper Sandler raised their target price on Plug Power from $2.80 to $2.90 and gave the stock an “underweight” rating in a research note on Tuesday, March 5th. Finally, Canaccord Genuity Group cut their price objective on Plug Power from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, March 4th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $6.05.

Plug Power Stock Up 6.0 %

The firm’s fifty day simple moving average is $3.38 and its two-hundred day simple moving average is $4.24. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -1.18 and a beta of 1.54. The company has a current ratio of 1.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.18.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business had revenue of $222.20 million for the quarter, compared to analyst estimates of $234.21 million. During the same period in the prior year, the company posted ($0.38) EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Sell-side analysts anticipate that Plug Power Inc. will post -0.94 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently bought and sold shares of PLUG. PFG Investments LLC boosted its holdings in shares of Plug Power by 1,017.6% in the 1st quarter. PFG Investments LLC now owns 236,391 shares of the electronics maker’s stock valued at $813,000 after buying an additional 215,240 shares in the last quarter. Aurora Private Wealth Inc. purchased a new stake in shares of Plug Power in the 1st quarter valued at about $49,000. First Trust Direct Indexing L.P. purchased a new stake in Plug Power in the first quarter valued at approximately $75,000. Congress Park Capital LLC boosted its holdings in shares of Plug Power by 106.1% in the first quarter. Congress Park Capital LLC now owns 38,850 shares of the electronics maker’s stock valued at $134,000 after acquiring an additional 20,000 shares during the period. Finally, Bouvel Investment Partners LLC increased its holdings in shares of Plug Power by 80.4% in the 1st quarter. Bouvel Investment Partners LLC now owns 365,054 shares of the electronics maker’s stock valued at $1,256,000 after acquiring an additional 162,692 shares during the period. Hedge funds and other 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.