Plug Power (NASDAQ:PLUG) Stock Price Up 4.3% - Here's What Happened

Key Points

• Plug Power's stock rose 4.3% on Monday, closing at $1.58 with a trading volume decline of 79% compared to the average.
• Analysts have mixed evaluations on Plug Power, with target price estimates ranging from a low of $0.50 to a high of $1.80, resulting in an average rating of "Hold".
• Insider trading activity was noted, with Paul B. Middleton purchasing 650,000 shares at $1.03 each, increasing his ownership by over 34%.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded up 4.3% on Monday . The company traded as high as $1.62 and last traded at $1.58. 18,431,561 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 87,968,203 shares. The stock had previously closed at $1.51.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Canaccord Genuity Group lowered their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company reiterated a "positive" rating and issued a $1.50 target price on shares of Plug Power in a report on Thursday. Piper Sandler lowered their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a report on Wednesday, May 14th. BMO Capital Markets lowered their target price on Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a report on Tuesday. Finally, Jefferies Financial Group lifted their target price on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $1.88.

Plug Power Price Performance

The company has a fifty day moving average of $1.46 and a 200-day moving average of $1.35. The firm has a market cap of $1.91 billion, a P/E ratio of -0.71 and a beta of 2.35. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 1.07.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $157.97 million. On average, sell-side analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Miracle Mile Advisors LLC purchased a new position in Plug Power in the first quarter worth $26,000. Ground Swell Capital LLC purchased a new position in shares of Plug Power during the 4th quarter valued at $27,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Plug Power during the 1st quarter valued at $28,000. O ROURKE & COMPANY Inc purchased a new position in shares of Plug Power during the 2nd quarter valued at $30,000. Finally, Abel Hall LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at $30,000. Hedge funds and other 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.