Plug Power (NASDAQ:PLUG) Trading 2.4% Higher - Still a Buy?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price shot up 2.4% during mid-day trading on Thursday . The stock traded as high as $0.78 and last traded at $0.79. 43,527,145 shares were traded during mid-day trading, a decline of 28% from the average session volume of 60,301,522 shares. The stock had previously closed at $0.77.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PLUG shares. Roth Capital restated a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Wells Fargo & Company cut their target price 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. UBS Group cut their target price on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research note on Friday, March 21st. HC Wainwright restated a "buy" rating and set a $3.00 price target on shares of Plug Power in a research note on Monday, March 24th. Finally, Canaccord Genuity Group lowered their target price on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. 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, the stock currently has a consensus rating of "Hold" and a consensus target price of $1.83.

Plug Power Price Performance

The company has a market capitalization of $847.58 million, a PE ratio of -0.37 and a beta of 2.19. The firm's 50-day moving average is $1.08 and its 200-day moving average is $1.75. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

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

Insider Activity at Plug Power

In other news, CFO Paul B. Middleton bought 350,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were bought at an average price of $0.72 per share, for a total transaction of $252,000.00. Following the purchase, the chief financial officer now owns 1,908,064 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Trading of Plug Power

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

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