Plug Power (NASDAQ:PLUG) Stock Price Up 1.8% - What's Next?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price shot up 1.8% during trading on Wednesday . The stock traded as high as $1.49 and last traded at $1.44. 35,964,507 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 69,593,607 shares. The stock had previously closed at $1.41.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PLUG. Truist Financial decreased their target price on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research report on Wednesday, March 5th. HC Wainwright reissued a "buy" rating and issued a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Wells Fargo & Company cut their target price on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Canaccord Genuity Group dropped their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. Finally, Jefferies Financial Group dropped their target price on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a research report 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 company. According to data from MarketBeat, Plug Power presently has a consensus rating of "Hold" and an average price target of $1.83.

Plug Power Stock Performance

The company has a market capitalization of $1.61 billion, a PE ratio of -0.57 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. The firm's 50-day simple moving average is $0.99 and its 200-day simple moving average is $1.53.

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

Insider Activity at Plug Power

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the last quarter. Norges Bank purchased a new stake in Plug Power during the 4th quarter worth approximately $146,465,000. Heights Capital Management Inc. purchased a new stake in Plug Power during the 1st quarter worth approximately $31,174,000. Geode Capital Management LLC grew its position in Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock worth $42,434,000 after purchasing an additional 722,639 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock worth $21,602,000 after purchasing an additional 796,774 shares during the last quarter. 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.