Plug Power (NASDAQ:PLUG) Shares Gap Up to $2.41

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $2.41, but opened at $2.51. Plug Power shares last traded at $2.52, with a volume of 6,596,754 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. BMO Capital Markets lowered shares of Plug Power from a "market perform" rating to an "underperform" rating and dropped their price objective for the stock from $3.50 to $2.50 in a research note on Wednesday, January 24th. Piper Sandler lifted their price objective on shares of Plug Power from $2.80 to $2.90 and gave the stock an "underweight" rating in a research note on Tuesday, March 5th. Royal Bank of Canada dropped their price objective on shares of Plug Power from $5.00 to $3.50 and set a "sector perform" rating for the company in a research note on Wednesday, January 24th. UBS Group lowered shares of Plug Power from a "buy" rating to a "neutral" rating and set a $4.75 target price for the company. in a research note on Tuesday, February 6th. Finally, Craig Hallum lowered their target price on shares of Plug Power from $6.00 to $5.00 and set a "buy" rating for the company in a research note on Monday, March 4th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $6.05.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.85 and a quick ratio of 0.86. The firm has a fifty day moving average of $3.22 and a two-hundred day moving average of $4.07. The stock has a market capitalization of $1.64 billion, a P/E ratio of -1.05 and a beta of 1.54.

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

Hedge Funds Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in PLUG. Exchange Traded Concepts LLC raised its holdings in Plug Power by 30.3% in the third quarter. Exchange Traded Concepts LLC now owns 6,486 shares of the electronics maker's stock worth $49,000 after purchasing an additional 1,510 shares in the last quarter. Oak Thistle LLC increased its holdings in shares of Plug Power by 85.8% during the third quarter. Oak Thistle LLC now owns 24,732 shares of the electronics maker's stock valued at $188,000 after acquiring an additional 11,424 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Plug Power by 7.0% during the third quarter. Commonwealth Equity Services LLC now owns 348,493 shares of the electronics maker's stock valued at $2,649,000 after acquiring an additional 22,787 shares in the last quarter. Compagnie Lombard Odier SCmA increased its holdings in shares of Plug Power by 6.2% during the third quarter. Compagnie Lombard Odier SCmA now owns 29,950 shares of the electronics maker's stock valued at $228,000 after acquiring an additional 1,750 shares in the last quarter. Finally, Deltec Asset Management LLC acquired a new position in shares of Plug Power during the third quarter valued at about $494,000. 43.48% of the stock is currently owned by institutional investors.

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.