Plug Power (NASDAQ:PLUG) Sees Unusually-High Trading Volume - What's Next?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 81,133,860 shares traded hands during trading, an increase of 25% from the previous session's volume of 64,814,466 shares.The stock last traded at $0.99 and had previously closed at $0.87.

Analysts Set New Price Targets

Several brokerages recently commented on PLUG. Piper Sandler lowered their price target on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research note on Wednesday, May 14th. Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a report on Tuesday, May 13th. BMO Capital Markets lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Truist Financial lowered their price objective on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Finally, Roth Capital restated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $1.83.

Plug Power Trading Up 25.9%

The company has a market cap of $1.32 billion, a price-to-earnings ratio of -0.57 and a beta of 2.17. The firm has a 50 day moving average price of $0.92 and a two-hundred day moving average price of $1.64. 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 - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. As a group, equities analysts forecast that Plug Power Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other news, CFO Paul B. Middleton bought 350,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the purchase, the chief financial officer now directly owns 1,908,064 shares in the company, valued at $1,373,806.08. This represents a 22.46% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. purchased a new position in Plug Power during the fourth quarter worth about $25,000. Jones Financial Companies Lllp lifted its stake in Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in Plug Power during the first quarter worth about $26,000. Callan Family Office LLC bought a new stake in Plug Power during the fourth quarter worth about $27,000. Finally, Ground Swell Capital LLC bought a new stake in Plug Power during the fourth quarter worth about $27,000. 43.48% of the stock is currently owned by hedge funds and other 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.