Plug Power (NASDAQ:PLUG) Trading 4.8% Higher - Still a Buy?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price traded up 4.8% during mid-day trading on Thursday . The stock traded as high as $0.82 and last traded at $0.81. 34,623,851 shares traded hands during trading, a decline of 37% from the average session volume of 55,324,456 shares. The stock had previously closed at $0.78.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several recent research reports. StockNews.com raised Plug Power to a "sell" rating in a report on Tuesday, March 4th. Susquehanna reduced their price target on Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a report on Monday, April 14th. Truist Financial cut their target price on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. B. Riley decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Finally, Morgan Stanley cut their price target on shares of Plug Power from $1.75 to $1.60 and set an "underweight" rating on the stock in a report on Thursday, March 6th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.10.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The stock has a fifty day simple moving average of $1.22 and a two-hundred day simple moving average of $1.82. The firm has a market capitalization of $924.31 million, a P/E ratio of -0.42 and a beta of 2.19.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Thursday, May 8th. 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%. On average, research analysts predict that Plug Power Inc. will post -1.21 EPS for the current year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Plug Power in the fourth quarter valued at approximately $146,465,000. Point72 Asset Management L.P. bought a new position in shares of Plug Power in the 4th quarter worth $10,370,000. Vanguard Group Inc. grew its position in Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the period. Renaissance Technologies LLC bought a new stake in Plug Power during the 4th quarter valued at $6,235,000. Finally, SG Americas Securities LLC raised its holdings in Plug Power by 110.6% during the first quarter. SG Americas Securities LLC now owns 2,615,819 shares of the electronics maker's stock worth $3,531,000 after buying an additional 1,373,486 shares during the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

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.