Plug Power (NASDAQ:PLUG) Stock Price Up 10.3% Following Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares were up 10.3% during trading on Monday after Susquehanna raised their price target on the stock from $1.00 to $1.80. Susquehanna currently has a neutral rating on the stock. Plug Power traded as high as $2.03 and last traded at $1.98. Approximately 73,510,346 shares traded hands during trading, an increase of 2% from the average daily volume of 71,808,245 shares. The stock had previously closed at $1.79.

Several other research firms also recently commented on PLUG. Morgan Stanley decreased their price target on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research note on Monday, May 19th. Roth Capital reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Wells Fargo & Company reduced their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 14th. Piper Sandler reduced their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research note on Wednesday, May 14th. Finally, Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $1.87.

Insider Activity

In related news, insider Paul B. Middleton acquired 650,000 shares of the stock in a transaction dated Monday, June 9th. The shares were purchased 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Miracle Mile Advisors LLC purchased a new position in Plug Power in the 1st quarter worth approximately $26,000. Ground Swell Capital LLC bought a new stake in Plug Power in the 4th quarter worth approximately $27,000. Baader Bank Aktiengesellschaft bought a new stake in Plug Power in the 1st quarter worth approximately $28,000. O ROURKE & COMPANY Inc bought a new stake in Plug Power in the 2nd quarter worth approximately $30,000. Finally, Strategic Investment Solutions Inc. IL increased its stake in Plug Power by 1,182.4% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock worth $31,000 after acquiring an additional 13,550 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Trading Up 9.8%

The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $1.16 and a 200-day simple moving average of $1.45. The firm has a market cap of $2.25 billion, a P/E ratio of -0.80 and a beta of 2.29.

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

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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