Plug Power (NASDAQ:PLUG) Trading 3.5% Higher - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares traded up 3.5% on Monday . The stock traded as high as $1.34 and last traded at $1.34. 22,297,762 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 67,415,815 shares. The stock had previously closed at $1.29.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Piper Sandler dropped their price objective 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. Jefferies Financial Group dropped their price objective 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. Canaccord Genuity Group dropped their price objective 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. Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Finally, UBS Group lowered their price target on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $1.83.

Plug Power Trading Up 1.9%

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 stock has a market capitalization of $1.51 billion, a P/E ratio of -0.61 and a beta of 2.17. The firm's fifty day simple moving average is $0.93 and its 200 day simple moving average is $1.62.

Plug Power (NASDAQ:PLUG - Get Free Report) last released 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). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. As a group, equities research analysts forecast that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul B. Middleton purchased 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The shares were bought at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the purchase, the insider now owns 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $25,000. Jones Financial Companies Lllp increased its stake in shares of 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 buying an additional 6,074 shares during the period. Miracle Mile Advisors LLC acquired a new stake in Plug Power during the 1st quarter worth approximately $26,000. Callan Family Office LLC bought a new stake in Plug Power during the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC bought a new stake in Plug Power during the 4th quarter worth approximately $27,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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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