Plug Power (NASDAQ:PLUG) Shares Gap Up on Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price gapped up prior to trading on Monday after Susquehanna raised their price target on the stock from $1.00 to $1.80. The stock had previously closed at $1.79, but opened at $1.88. Susquehanna currently has a neutral rating on the stock. Plug Power shares last traded at $1.93, with a volume of 39,769,316 shares trading hands.

PLUG has been the topic of a number of other reports. Wall Street Zen upgraded Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Wells Fargo & Company decreased their target price on Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Morgan Stanley decreased their target price on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Piper Sandler decreased their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $3.00 target price on shares of Plug Power in a research report on Monday, March 24th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $1.87.

Insider Buying and Selling

In other news, insider Paul B. Middleton purchased 650,000 shares of the company's stock in a transaction on Monday, June 9th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the purchase, the insider directly owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. The trade was a 34.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of PLUG. Vanguard Group Inc. boosted its holdings in Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the period. Norges Bank acquired a new position in Plug Power in the fourth quarter worth $146,465,000. Heights Capital Management Inc. acquired a new position in Plug Power in the first quarter worth $31,174,000. Geode Capital Management LLC lifted its holdings in shares of Plug Power by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock worth $42,434,000 after purchasing an additional 722,639 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Plug Power by 8.5% in the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock worth $21,602,000 after purchasing an additional 796,774 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Trading Up 8.1%

The firm has a market cap of $2.22 billion, a P/E ratio of -0.78 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95. The firm has a fifty day moving average of $1.16 and a 200-day moving average of $1.45.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The business had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Equities research analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current year.

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.

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