Plug Power (NASDAQ:PLUG) Shares Up 2.4% - Time to Buy?

Key Points

• Plug Power's stock rose by 2.4% to $2.95, with a total trading volume of approximately 80 million shares, which is a 15% decline from its average daily volume.
• Wall Street analysts present a mixed outlook, with ratings ranging from Strong Buy to Sell, and an average consensus target price of $2.54.
• Despite reporting earnings that missed estimates, Plug Power achieved revenue of $173.97 million, exceeding analyst expectations of $157.97 million for the quarter.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) were up 2.4% during trading on Friday . The stock traded as high as $3.06 and last traded at $2.95. Approximately 80,260,096 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 94,652,344 shares. The stock had previously closed at $2.88.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PLUG shares. Weiss Ratings restated a "sell (d-)" rating on shares of Plug Power in a report on Wednesday, October 8th. HC Wainwright upped their price objective on shares of Plug Power from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Wells Fargo & Company upped their price objective on shares of Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Morgan Stanley restated an "underweight" rating and issued a $1.50 price objective on shares of Plug Power in a report on Thursday, October 16th. Finally, Jefferies Financial Group upped their price objective on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $2.54.

Plug Power Stock Performance

The firm's 50 day moving average is $2.37 and its two-hundred day moving average is $1.60. The stock has a market capitalization of $3.41 billion, a PE ratio of -1.28 and a beta of 2.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59.

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 analysts' expectations of $157.97 million. As a group, research analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently modified their holdings of PLUG. Cambridge Investment Research Advisors Inc. increased its position in shares of Plug Power by 138.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 202,387 shares of the electronics maker's stock valued at $273,000 after purchasing an additional 117,492 shares during the last quarter. JNBA Financial Advisors purchased a new stake in shares of Plug Power in the 1st quarter valued at approximately $37,000. Vontobel Holding Ltd. increased its position in shares of Plug Power by 23.0% in the 1st quarter. Vontobel Holding Ltd. now owns 3,465,804 shares of the electronics maker's stock valued at $4,679,000 after purchasing an additional 648,058 shares during the last quarter. Krane Funds Advisors LLC increased its position in shares of Plug Power by 2.3% in the 1st quarter. Krane Funds Advisors LLC now owns 450,901 shares of the electronics maker's stock valued at $609,000 after purchasing an additional 10,287 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Plug Power in the 1st quarter valued at approximately $153,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.