Plug Power (NASDAQ:PLUG) Stock Price Up 2.1% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price rose 2.1% on Wednesday . The company traded as high as $0.95 and last traded at $0.93. Approximately 36,853,951 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 64,264,632 shares. The stock had previously closed at $0.91.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Jefferies Financial Group cut their target price on shares of Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research note on Tuesday, May 20th. BMO Capital Markets dropped their price target on shares of Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Wall Street Zen upgraded shares of Plug Power to a "sell" rating in a research note on Tuesday, May 13th. Piper Sandler reduced their price objective on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a report on Wednesday, May 14th. Finally, Morgan Stanley dropped their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research report on Monday, May 19th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $1.83.

Plug Power Stock Down 6.2%

The firm has a market capitalization of $939.78 million, a P/E ratio of -0.41 and a beta of 2.19. The company's 50-day simple moving average is $0.94 and its two-hundred day simple moving average is $1.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly 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 46.99% and a negative net margin of 214.05%. The firm had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. As a group, research analysts expect that Plug Power Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling

In other Plug Power news, CFO Paul B. Middleton acquired 350,000 shares of the company's 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 acquisition, the chief financial officer now directly owns 1,908,064 shares of the company's stock, valued at approximately $1,373,806.08. The trade was a 22.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power in the fourth quarter valued at about $25,000. Jones Financial Companies Lllp lifted 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 worth $25,000 after acquiring an additional 6,074 shares during the last quarter. Callan Family Office LLC acquired a new stake in Plug Power during the fourth quarter worth approximately $27,000. Ground Swell Capital LLC acquired a new position in shares of Plug Power in the 4th quarter valued at $27,000. Finally, Savant Capital LLC acquired a new position in shares of Plug Power in the 4th quarter valued at $31,000. 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.