Plug Power (NASDAQ:PLUG) Shares Gap Up - Should You Buy?

Key Points

• Plug Power's stock opened at $3.64, up from a previous close of $3.40, trading a volume of over 21 million shares.
• Analysts have mixed opinions about Plug Power, with ratings ranging from "strong-buy" to "sell," resulting in an average rating of "Hold" and a price target of $2.54.
• The company reported a revenue of $173.97 million for its last quarter, which surpassed estimates, but had a negative earnings per share of ($0.16).

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $3.40, but opened at $3.64. Plug Power shares last traded at $3.44, with a volume of 21,976,246 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PLUG shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Plug Power in a research note on Wednesday, October 8th. Evercore ISI raised Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Wells Fargo & Company increased their price objective on Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Morgan Stanley restated an "underweight" rating and issued a $1.50 target price on shares of Plug Power in a report on Thursday. Finally, Hsbc Global Res upgraded shares of Plug Power to a "strong-buy" rating in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and an average price target of $2.54.

Plug Power Trading Down 0.7%

The stock has a market cap of $3.90 billion, a price-to-earnings ratio of -1.46 and a beta of 2.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The company's 50 day simple moving average is $2.25 and its two-hundred day simple moving average is $1.55.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The business had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. Research analysts expect that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. boosted its position in Plug Power by 138.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 202,387 shares of the electronics maker's stock valued at $273,000 after buying an additional 117,492 shares in the last quarter. JNBA Financial Advisors acquired a new position in shares of Plug Power during the first quarter worth approximately $37,000. Vontobel Holding Ltd. grew its stake in shares of Plug Power by 23.0% during the first quarter. Vontobel Holding Ltd. now owns 3,465,804 shares of the electronics maker's stock valued at $4,679,000 after purchasing an additional 648,058 shares during the last quarter. Krane Funds Advisors LLC raised its position in Plug Power by 2.3% in the 1st quarter. Krane Funds Advisors LLC now owns 450,901 shares of the electronics maker's stock worth $609,000 after purchasing an additional 10,287 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in Plug Power during the 1st quarter worth $153,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.