Plug Power (NASDAQ:PLUG) Shares Gap Up - Time to Buy?

Key Points

• Plug Power's stock experienced a gap up, opening at $1.54 after closing at $1.48, despite a recent downgrade to a "strong sell" rating from Evercore ISI.
• Analysts have mixed opinions on Plug Power, with four holding a "Buy" rating, seven giving a "Hold" rating, and five assigning a "Sell" rating, while the average target price is $1.88.
• Recent insider activity includes Paul B. Middleton acquiring 650,000 shares at $1.03 each, increasing his ownership of the company by over 34%.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $1.48, but opened at $1.54. Plug Power shares last traded at $1.52, with a volume of 8,852,869 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on PLUG shares. Evercore ISI raised Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Susquehanna raised their target price on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen upgraded Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Roth Capital reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Finally, Morgan Stanley cut their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research note on Monday, May 19th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Plug Power has an average rating of "Reduce" and an average target price of $1.88.

Plug Power Stock Up 1.7%

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. The business has a 50 day simple moving average of $1.57 and a 200 day simple moving average of $1.32. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -0.65 and a beta of 2.09.

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

Insider Activity

In related news, insider Paul B. Middleton acquired 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The shares were acquired 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 owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.41% of the company's stock.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ground Swell Capital LLC acquired a new stake in Plug Power in the fourth quarter valued at $27,000. Sender Co & Partners Inc. purchased a new position in shares of Plug Power during the second quarter worth about $26,000. Retirement Planning Group LLC NY purchased a new stake in Plug Power in the 4th quarter valued at approximately $38,000. GTS Securities LLC boosted its holdings in Plug Power by 150.0% in the 4th quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker's stock valued at $40,000 after purchasing an additional 56,255 shares in the last quarter. Finally, Miracle Mile Advisors LLC purchased a new stake in Plug Power in the 1st quarter valued at approximately $26,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.

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