Plug Power (NASDAQ:PLUG) Shares Gap Up - Here's What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $0.81, but opened at $1.00. Plug Power shares last traded at $1.15, with a volume of 63,275,445 shares changing hands.

Analyst Ratings Changes

PLUG has been the subject of several research reports. B. Riley decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Morgan Stanley lowered their price target on Plug Power from $1.75 to $1.60 and set an "underweight" rating for the company in a report on Thursday, March 6th. BMO Capital Markets cut their price objective on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. UBS Group decreased their target price on Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research report on Friday, March 21st. Finally, HC Wainwright reiterated a "buy" rating and set a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. 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's stock. According to MarketBeat, Plug Power currently has a consensus rating of "Hold" and a consensus price target of $2.29.

Plug Power Trading Down 2.4 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The business's 50 day moving average price is $1.31 and its 200-day moving average price is $1.88. The firm has a market cap of $787.97 million, a price-to-earnings ratio of -0.40 and a beta of 2.07.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in shares of Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock valued at $33,000 after purchasing an additional 5,348 shares in the last quarter. Compagnie Lombard Odier SCmA increased its stake in Plug Power by 12.8% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker's stock valued at $104,000 after buying an additional 5,550 shares during the period. 49 Wealth Management LLC raised its position in shares of Plug Power by 25.0% during the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after buying an additional 5,834 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after buying an additional 6,074 shares in the last quarter. Finally, Avantax Planning Partners Inc. lifted its stake in shares of Plug Power by 54.0% in the 4th quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock worth $40,000 after acquiring an additional 6,561 shares during the period. Institutional investors own 43.48% of the company's stock.

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.