Plug Power (NASDAQ:PLUG) Stock Price Up 2% After Analyst Upgrade

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded up 2% during mid-day trading on Thursday after Jefferies Financial Group raised their price target on the stock from $0.90 to $1.60. Jefferies Financial Group currently has a hold rating on the stock. Plug Power traded as high as $1.99 and last traded at $1.85. 48,227,186 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 91,546,680 shares. The stock had previously closed at $1.81.

Other equities research analysts have also issued reports about the stock. Morgan Stanley lowered their price target on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a report on Monday, May 19th. Susquehanna upped their price target on Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday. Canaccord Genuity Group decreased their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research note on Tuesday, May 13th. Wall Street Zen raised Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Finally, Evercore ISI raised Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $1.92.

Insider Transactions at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were acquired at an average price of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Plug Power during the 4th quarter worth about $146,465,000. Heights Capital Management Inc. bought a new position in shares of Plug Power during the first quarter valued at approximately $31,174,000. Point72 Asset Management L.P. bought a new stake in Plug Power during the 4th quarter valued at $10,370,000. Vanguard Group Inc. boosted its position in Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after acquiring an additional 4,491,114 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Plug Power during the 4th quarter valued at $6,235,000. Institutional investors own 43.48% of the company's stock.

Plug Power Price Performance

The firm has a 50-day simple moving average of $1.26 and a 200-day simple moving average of $1.43. The firm has a market cap of $2.11 billion, a P/E ratio of -0.74 and a beta of 2.29. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, May 12th. The electronics maker reported ($0.21) 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 for the quarter, compared to analyst estimates of $130.92 million. As a group, analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current 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.