Plug Power (NASDAQ:PLUG) Shares Up 1.1% - Still a Buy?

Key Points

• Plug Power's stock saw a slight increase of 1.1%, trading at $1.42 with a significant decline in trading volume, down 83% from its average.
• Recent analyst ratings are mixed, with Piper Sandler lowering their target from $1.10 to $0.80, while Roth Capital maintains a "buy" rating with a target price of $1.92.
• Despite a revenue of $133.67 million for the latest quarter, Plug Power reported a loss of $0.21 per share, missing estimates and indicating challenges with a negative net margin of 312.29%.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shot up 1.1% during trading on Monday . The stock traded as high as $1.48 and last traded at $1.42. 15,107,660 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 89,910,828 shares. The stock had previously closed at $1.40.

Analyst Ratings Changes

Several equities analysts have weighed in on PLUG shares. Piper Sandler dropped their target price on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a report on Wednesday, May 14th. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Susquehanna raised their target price on shares of Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Jefferies Financial Group raised their target price on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Plug Power presently has a consensus rating of "Hold" and a consensus target price of $1.92.

Plug Power Trading Up 3.2%

The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The business's 50 day moving average is $1.34 and its 200-day moving average is $1.37. The firm has a market cap of $1.66 billion, a P/E ratio of -0.59 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The business had revenue of $133.67 million for the quarter, compared to the consensus estimate of $130.92 million. As a group, analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction dated Monday, June 9th. The stock was acquired at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently modified their holdings of the company. Ground Swell Capital LLC bought a new position in shares of Plug Power during the fourth quarter worth about $27,000. Strategic Investment Solutions Inc. IL lifted its holdings in Plug Power by 1,182.4% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock worth $31,000 after purchasing an additional 13,550 shares during the period. Retirement Planning Group LLC NY acquired a new stake in Plug Power in the fourth quarter worth about $38,000. GTS Securities LLC lifted its holdings in Plug Power by 150.0% in the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker's stock worth $40,000 after purchasing an additional 56,255 shares during the period. Finally, Miracle Mile Advisors LLC acquired a new stake in Plug Power in the first quarter worth about $26,000. Institutional investors own 43.48% of the company's stock.

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.

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