Plug Power (NASDAQ:PLUG) Stock Price Up 10.6% - Here's What Happened

Key Points

• Plug Power shares jumped 10.6% mid-day to $2.4550 (intraday high $2.53) with 71.37 million shares traded, about 27% below its average session volume.
• Analyst coverage is mixed: MarketBeat shows an average rating of Hold and an average target of $2.73, with 2 Strong Buy, 4 Buy, 7 Hold and 5 Sell ratings; notable targets include HSBC $4.40 and Canaccord $7.00.
• The company remains unprofitable (market cap $3.6B, P/E -1.09, net margin -313.69%); last quarter revenue of $177.06M missed estimates while EPS of ($0.12) narrowly beat consensus.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded up 10.6% during mid-day trading on Thursday . The stock traded as high as $2.53 and last traded at $2.4550. 71,368,522 shares changed hands during trading, a decline of 27% from the average session volume of 98,009,289 shares. The stock had previously closed at $2.22.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. HSBC set a $4.40 price objective on shares of Plug Power in a research report on Thursday, October 9th. Clear Str raised Plug Power from a "hold" rating to a "strong-buy" rating in a report on Wednesday, December 31st. Hsbc Global Res raised Plug Power to a "strong-buy" rating in a research note on Thursday, October 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Plug Power in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group set a $7.00 target price on shares of Plug Power in a report on Monday, November 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $2.73.

Plug Power Stock Performance

The firm has a market capitalization of $3.60 billion, a P/E ratio of -1.09 and a beta of 1.68. The company has a 50-day moving average of $2.16 and a 200-day moving average of $2.18. The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.01. The company had revenue of $177.06 million during the quarter, compared to analysts' expectations of $185.41 million. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%. On average, equities analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Benjamin Haycraft sold 40,000 shares of the company's stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total value of $88,000.00. Following the sale, the insider directly owned 373,809 shares of the company's stock, valued at approximately $822,379.80. This represents a 9.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jose Luis Crespo bought 37,300 shares of the company's stock in a transaction that occurred on Monday, December 15th. The stock was purchased at an average price of $2.34 per share, for a total transaction of $87,282.00. Following the acquisition, the insider owned 307,332 shares of the company's stock, valued at $719,156.88. This trade represents a 13.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 90,000 shares of company stock worth $204,000 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. Kovack Advisors Inc. acquired a new position in Plug Power in the third quarter valued at approximately $26,000. Yousif Capital Management LLC acquired a new position in shares of Plug Power during the 3rd quarter valued at $27,000. Prakash Investment Advisors LLC acquired a new position in shares of Plug Power during the 3rd quarter valued at $27,000. Prime Capital Investment Advisors LLC bought a new position in Plug Power during the third quarter worth $30,000. Finally, Oak Thistle LLC acquired a new stake in Plug Power in the third quarter worth $30,000. 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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