Plug Power (NASDAQ:PLUG) Stock Price Up 5.2% - Should You Buy?

Key Points

• Plug Power shares increased by 5.2% on Tuesday, closing at $1.53 after trading as high as that price, despite an 86% drop in trading volume.
• Equity analysts have mixed ratings on Plug Power, with consensus suggesting a "Hold" rating and an average target price of $1.92, reflecting a range of ratings from "sell" to "buy".
• Insider Paul B. Middleton purchased 650,000 shares at an average price of $1.03, increasing his stake significantly in the company, which is crucial given that insiders hold only 1.41% of the stock.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares were up 5.2% on Tuesday . The stock traded as high as $1.53 and last traded at $1.53. Approximately 12,600,142 shares were traded during trading, a decline of 86% from the average daily volume of 89,513,625 shares. The stock had previously closed at $1.45.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Piper Sandler dropped their target price on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. Susquehanna upped their price objective on shares of Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a report on Monday, July 21st. Roth Capital reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company reduced their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 14th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $1.92.

Plug Power Stock Up 5.2%

The stock has a 50-day moving average of $1.35 and a 200-day moving average of $1.37. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -0.62 and a beta of 2.35.

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

Insider Activity

In other Plug Power news, insider Paul B. Middleton acquired 650,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were bought at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Heights Capital Management Inc. bought a new stake in Plug Power in the 1st quarter worth about $31,174,000. Point72 Asset Management L.P. bought a new position in Plug Power in the 4th quarter worth approximately $10,370,000. Vanguard Group Inc. raised its holdings in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock worth $186,244,000 after acquiring an additional 4,491,114 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Plug Power by 365,934.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after acquiring an additional 3,794,740 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Plug Power during the 4th quarter worth approximately $6,235,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

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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