Plug Power (NASDAQ:PLUG) Stock Price Up 14% After Analyst Upgrade

Key Points

• Plug Power's stock price surged 14% following an upgrade from Susquehanna, raising the price target from $1.80 to $3.50.
• The current consensus rating for Plug Power is "Hold", with an average target price of $2.47, despite mixed ratings from various analysts.
• Institutional investors have increased their stakes in Plug Power, with a notable 2,424.2% growth in holdings by Bouvel Investment Partners during the first quarter.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares shot up 14% during mid-day trading on Monday after Susquehanna raised their price target on the stock from $1.80 to $3.50. Susquehanna currently has a neutral rating on the stock. Plug Power traded as high as $4.07 and last traded at $3.90. 188,061,576 shares changed hands during trading, an increase of 102% from the average session volume of 93,077,039 shares. The stock had previously closed at $3.42.

Other equities research analysts have also issued reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of Plug Power in a research report on Wednesday, October 8th. Jefferies Financial Group lifted their price target on Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Evercore ISI upgraded Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. HSBC set a $4.40 price target on Plug Power in a research report on Thursday. Finally, HC Wainwright lifted their price target on Plug Power from $3.00 to $7.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $2.47.

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its position in Plug Power by 35.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 64,440 shares of the electronics maker's stock worth $137,000 after buying an additional 16,878 shares in the last quarter. Bouvel Investment Partners LLC grew its holdings in Plug Power by 2,424.2% during the 1st quarter. Bouvel Investment Partners LLC now owns 378,634 shares of the electronics maker's stock valued at $511,000 after buying an additional 363,634 shares in the last quarter. Cobblestone Asset Management LLC bought a new stake in shares of Plug Power during the first quarter valued at approximately $124,000. Cambridge Investment Research Advisors Inc. raised its position in shares of Plug Power by 138.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 202,387 shares of the electronics maker's stock valued at $273,000 after buying an additional 117,492 shares during the last quarter. Finally, JNBA Financial Advisors bought a new stake in shares of Plug Power during the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

The stock has a market cap of $4.50 billion, a P/E ratio of -1.69 and a beta of 2.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. The firm's 50-day moving average price is $2.03 and its 200-day moving average price is $1.47.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The firm had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. Sell-side analysts expect that Plug Power, Inc. will post -1.21 earnings per share 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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