Plug Power (NASDAQ:PLUG) Trading Up 16% – Still a Buy?

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

Analysts Set New Price Targets

PLUG has been the topic of a number of recent analyst reports. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Piper Sandler dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Craig Hallum lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Up 19.4 %

The stock’s 50 day simple moving average is $2.22 and its 200 day simple moving average is $2.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm has a market cap of $2.86 billion, a PE ratio of -1.47 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the business earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC purchased a new stake in Plug Power in the second quarter worth $29,000. Prio Wealth Limited Partnership bought a new position in shares of Plug Power in the 3rd quarter worth about $29,000. Catalyst Capital Advisors LLC lifted its position in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. Millburn Ridgefield Corp boosted its stake in Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. Finally, First Commonwealth Financial Corp PA purchased a new stake in Plug Power in the third quarter worth about $29,000. 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.