Plug Power (NASDAQ:PLUG) Stock Price Up 10.3% - Still a Buy?

Key Points

• Shares rose 10.3%, closing around $3.07 on Monday with about 47.24 million shares traded—roughly 47% below the stock's average daily volume.
• Analysts are mixed: the consensus rating is "Hold" with an average price target of about $3.03, while individual targets and ratings range widely (from ~ $1.80 up to $7 and from Sell to Strong Buy).
• Plug Power beat the quarter's estimates (EPS -$0.06 vs. -$0.10; revenue $225.2M vs. $217.4M) but remains unprofitable with negative net margin and ROE; the company has a market cap near $4.45 billion.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price rose 10.3% on Monday . The company traded as high as $2.97 and last traded at $3.0650. Approximately 47,241,661 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 89,236,203 shares. The stock had previously closed at $2.78.

Analysts Set New Price Targets

PLUG has been the topic of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Plug Power in a report on Tuesday, March 3rd. Jefferies Financial Group reduced their target price on Plug Power from $2.00 to $1.80 and set a "hold" rating on the stock in a report on Monday, March 9th. Wells Fargo & Company lifted their target price on Plug Power from $1.50 to $2.00 and gave the company an "equal weight" rating in a report on Wednesday, March 4th. TD Cowen cut Plug Power from a "buy" rating to a "hold" rating in a report on Friday, January 9th. Finally, Oppenheimer reiterated a "market perform" rating on shares of Plug Power in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $3.03.

Plug Power Stock Performance

The stock has a 50 day simple moving average of $2.25 and a 200 day simple moving average of $2.41. The company has a market cap of $4.45 billion, a price-to-earnings ratio of -2.36 and a beta of 1.79. The company has a quick ratio of 1.46, a current ratio of 2.31 and a debt-to-equity ratio of 0.64.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The electronics maker reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. The company had revenue of $225.22 million for the quarter, compared to analysts' expectations of $217.38 million. Plug Power had a negative return on equity of 45.97% and a negative net margin of 229.83%.During the same quarter in the previous year, the firm posted ($1.48) earnings per share. As a group, analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kovack Advisors Inc. acquired a new position in shares of Plug Power during the third quarter worth about $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in shares of Plug Power by 116.7% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker's stock worth $26,000 after purchasing an additional 7,000 shares in the last quarter. Sender Co & Partners Inc. acquired a new position in shares of Plug Power during the second quarter worth about $26,000. Yousif Capital Management LLC purchased a new stake in shares of Plug Power during the third quarter worth about $27,000. Finally, Prakash Investment Advisors LLC purchased a new stake in shares of Plug Power during the third quarter worth about $27,000. Institutional investors and hedge funds own 43.48% of the company's stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

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