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

Key Points

• Shares popped pre-market, gapping from $2.77 to $2.92 and last trading around $2.9950 (up ~7%) on heavy volume (~18.5M shares).
• Analyst sentiment is mixed with a consensus "Hold" and an average target of $3.03; ratings range from 2 Strong Buy to 5 Sell, and recent broker moves include a Clear Str upgrade and target adjustments from Jefferies and Wells Fargo.
• Fundamentals remain weak despite a beat: latest quarter beat estimates (EPS -$0.06 vs -$0.10; revenue $225.2M vs $217.4M) but Plug Power is still unprofitable (very negative net margin) and analysts forecast roughly -1.21 EPS for the year.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.77, but opened at $2.92. Plug Power shares last traded at $2.9950, with a volume of 18,544,278 shares.

Wall Street Analyst Weigh In

Several brokerages have commented on PLUG. Clear Str upgraded shares of Plug Power from a "hold" rating to a "strong-buy" rating in a report on Wednesday, December 31st. Weiss Ratings restated a "sell (d-)" rating on shares of Plug Power in a report on Thursday, January 22nd. Jefferies Financial Group lowered their price objective on shares of Plug Power from $2.00 to $1.80 and set a "hold" rating for the company in a report on Monday, March 9th. Wells Fargo & Company raised their price objective on shares of Plug Power from $1.50 to $2.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 4th. Finally, Oppenheimer restated a "market perform" rating on shares of Plug Power in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, Plug Power has a consensus rating of "Hold" and an average target price of $3.03.

Plug Power Stock Up 7.0%

The company has a market cap of $4.13 billion, a P/E ratio of -2.19 and a beta of 1.79. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.31 and a quick ratio of 1.46. The company's 50-day moving average is $2.18 and its two-hundred day moving average is $2.39.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The electronics maker reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $225.22 million during the quarter, compared to the consensus estimate of $217.38 million. Plug Power had a negative net margin of 229.83% and a negative return on equity of 45.97%. During the same quarter last year, the firm earned ($1.48) earnings per share. As a group, equities analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kovack Advisors Inc. purchased a new stake in Plug Power in the third quarter worth approximately $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in Plug Power by 116.7% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker's stock worth $26,000 after purchasing an additional 7,000 shares during the last quarter. Sender Co & Partners Inc. purchased a new stake in Plug Power in the second quarter worth approximately $26,000. Yousif Capital Management LLC purchased a new stake in Plug Power in the third quarter worth approximately $27,000. Finally, Prakash Investment Advisors LLC purchased a new stake in Plug Power in the third quarter worth approximately $27,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

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