Plug Power (NASDAQ:PLUG) Shares Gap Up - Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.57, but opened at $1.66. Plug Power shares last traded at $1.58, with a volume of 20,733,483 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently commented on PLUG shares. Wall Street Zen raised shares of Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Piper Sandler cut their price objective on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. UBS Group cut their price objective on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Morgan Stanley cut their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Finally, Jefferies Financial Group cut their price objective on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research report on Tuesday, May 20th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The company's 50-day simple moving average is $1.12 and its 200-day simple moving average is $1.47. The stock has a market capitalization of $1.85 billion, a P/E ratio of -0.65 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. As a group, sell-side analysts expect that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling at Plug Power

In related news, insider Paul B. Middleton acquired 650,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were bought at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the transaction, the insider directly owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Plug Power

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after purchasing an additional 3,930,342 shares during the period. Norges Bank acquired a new position in shares of Plug Power in the fourth quarter valued at about $146,465,000. Heights Capital Management Inc. acquired a new position in shares of Plug Power in the first quarter valued at about $31,174,000. Geode Capital Management LLC grew its stake in shares of Plug Power by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock valued at $42,434,000 after acquiring an additional 722,639 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Plug Power by 8.5% in the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock valued at $21,602,000 after acquiring an additional 796,774 shares in the last quarter. 43.48% of the stock is 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.