Plug Power (NASDAQ:PLUG) Shares Up 6.9% - Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price shot up 6.9% on Tuesday . The company traded as high as $1.46 and last traded at $1.47. 23,039,054 shares were traded during mid-day trading, a decline of 75% from the average session volume of 91,650,297 shares. The stock had previously closed at $1.37.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLUG. Jefferies Financial Group decreased their price target on Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research report on Tuesday, May 20th. HC Wainwright restated a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research report on Monday, March 24th. Piper Sandler decreased 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. Morgan Stanley decreased their price objective on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research report on Monday, May 19th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a research report on Tuesday, May 13th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Price Performance

The stock has a 50 day moving average of $1.02 and a two-hundred day moving average of $1.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95. The firm has a market capitalization of $1.63 billion, a P/E ratio of -0.57 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. Sell-side analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were bought at an average cost of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PLUG. Jones Financial Companies Lllp increased its position in Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after buying an additional 6,074 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power during the 4th quarter worth approximately $25,000. Miracle Mile Advisors LLC acquired a new stake in shares of Plug Power during the 1st quarter worth approximately $26,000. Callan Family Office LLC acquired a new stake in shares of Plug Power during the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC acquired a new stake in shares of Plug Power during the 4th quarter worth approximately $27,000. 43.48% of the stock is owned by 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.

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