Plug Power (NASDAQ:PLUG) Trading 5.2% Higher - Time to Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) rose 5.2% on Wednesday . The company traded as high as $0.85 and last traded at $0.83. Approximately 69,941,048 shares changed hands during trading, an increase of 14% from the average daily volume of 61,310,042 shares. The stock had previously closed at $0.79.

Analyst Ratings Changes

PLUG has been the topic of a number of analyst reports. UBS Group lowered their price objective on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research report on Friday, March 21st. HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Plug Power in a research note on Monday, March 24th. Truist Financial decreased their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. BMO Capital Markets decreased their target price on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group decreased their target price on Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research note on Tuesday, May 20th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Plug Power presently has a consensus rating of "Hold" and an average target price of $1.83.

Plug Power Trading Up 6.6%

The stock has a fifty day moving average of $1.00 and a 200-day moving average of $1.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company has a market cap of $1.07 billion, a PE ratio of -0.46 and a beta of 2.19.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. Sell-side analysts anticipate that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Insider Transactions at Plug Power

In related news, CFO Paul B. Middleton bought 350,000 shares of Plug Power stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the transaction, the chief financial officer now owns 1,908,064 shares in the company, valued at $1,373,806.08. The trade was a 22.46% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its position in shares of Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock worth $33,000 after acquiring an additional 5,348 shares during the period. Compagnie Lombard Odier SCmA boosted its stake in shares of Plug Power by 12.8% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker's stock valued at $104,000 after purchasing an additional 5,550 shares in the last quarter. 49 Wealth Management LLC boosted its stake in shares of Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock valued at $62,000 after purchasing an additional 5,834 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 6,074 shares in the last quarter. Finally, Avantax Planning Partners Inc. boosted its stake in Plug Power by 54.0% in the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 6,561 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.