Plug Power (NASDAQ:PLUG) Shares Gap Up - What's Next?

Key Points

• Plug Power's stock gapped up, opening at $2.43 after a previous close of $2.33, and last traded at $2.61 with over 37 million shares exchanged.
• Analysts' ratings vary widely, with four Buy ratings, seven Holds, and five Sell ratings, giving the stock a consensus rating of "Reduce" and an average price target of $1.88.
• For the most recent quarter, Plug Power reported a revenue of $173.97 million but had a net loss with earnings per share of ($0.16), missing estimates.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $2.33, but opened at $2.43. Plug Power shares last traded at $2.61, with a volume of 37,243,923 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PLUG. Evercore ISI upgraded Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Susquehanna upped their price target on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. BMO Capital Markets decreased their price target on Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 12th. Jefferies Financial Group upped their price target on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company increased their price objective on Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a research note on Thursday, August 14th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $1.88.

Plug Power Stock Performance

The firm has a fifty day simple moving average of $1.72 and a 200-day simple moving average of $1.36. The company has a market cap of $3.25 billion, a PE ratio of -1.22 and a beta of 2.09. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22.

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

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. Heights Capital Management Inc. acquired a new position in shares of Plug Power during the 1st quarter worth approximately $31,174,000. Legal & General Group Plc grew its stake in Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after acquiring an additional 6,364,483 shares during the period. Vanguard Group Inc. grew its stake in Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after acquiring an additional 3,930,342 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after acquiring an additional 3,794,740 shares during the period. Finally, Geode Capital Management LLC grew its stake in Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock worth $35,872,000 after acquiring an additional 3,125,542 shares during the period. 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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