Plug Power (NASDAQ:PLUG) Shares Up 1.4% - Should You Buy?

Key Points

• Plug Power's stock price increased by 1.4% to $1.80 on Friday, despite a significant decline in trading volume, down 76% from its average session volume.
• Recent analyst ratings show a divided sentiment, with prices targets ranging from a low of $0.50 to a high of $1.60, and an average rating of "Hold" with a price target of $1.92.
• The company reported a quarterly earnings miss with an EPS of ($0.21), while revenues were slightly above expectations at $133.67 million.
• Insider Paul B. Middleton purchased 650,000 shares at $1.03 each, significantly increasing his stake in the company, reflecting insider confidence amidst varying market opinions.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shot up 1.4% during trading on Friday . The stock traded as high as $1.81 and last traded at $1.80. 21,811,419 shares traded hands during trading, a decline of 76% from the average session volume of 91,441,898 shares. The stock had previously closed at $1.77.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PLUG. Morgan Stanley reduced their price target on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a report on Monday, May 19th. Jefferies Financial Group raised their price objective on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research report on Wednesday. Piper Sandler cut their price objective on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Finally, Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Plug Power has an average rating of "Hold" and an average price target of $1.92.

Plug Power Price Performance

The company has a market capitalization of $2.08 billion, a PE ratio of -0.73 and a beta of 2.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The stock's 50 day simple moving average is $1.24 and its 200-day simple moving average is $1.44.

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

Insider Transactions at Plug Power

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Raymond James Financial Inc. purchased a new stake in Plug Power in the fourth quarter valued at approximately $344,000. PNC Financial Services Group Inc. lifted its stake in Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock valued at $33,000 after buying an additional 5,348 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of Plug Power during the fourth quarter worth approximately $159,000. Xponance Inc. raised its stake in shares of Plug Power by 17.0% during the fourth quarter. Xponance Inc. now owns 57,264 shares of the electronics maker's stock worth $122,000 after purchasing an additional 8,313 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Plug Power during the fourth quarter worth approximately $172,000. Hedge funds and other 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.

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