Plug Power (NASDAQ:PLUG) Trading 6.8% Higher - What's Next?

Key Points

• Plug Power's stock rose by 6.8%, trading at $1.80 after hitting a high of $1.81, despite a significant volume drop of 77% from its average session.
• Analysts have diverse projections for Plug Power, with a consensus price target of $1.88 and ratings ranging from "Buy" to "Strong Sell."
• Institutional investors hold 43.48% of Plug Power's stock, with some like Heights Capital Management making significant new investments in the company.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded up 6.8% during trading on Wednesday . The company traded as high as $1.81 and last traded at $1.80. 19,011,294 shares were traded during mid-day trading, a decline of 77% from the average session volume of 81,579,336 shares. The stock had previously closed at $1.68.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Susquehanna boosted their price target on shares of Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research note on Monday, July 21st. BMO Capital Markets cut their price target on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a research note on Tuesday, August 12th. Evercore ISI raised shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Wells Fargo & Company boosted their price target on shares of Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. Finally, Jefferies Financial Group boosted their price objective on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $1.88.

Plug Power Stock Up 15.2%

The company has a market capitalization of $2.23 billion, a P/E ratio of -0.84 and a beta of 2.09. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The stock's fifty day moving average is $1.60 and its 200 day moving average is $1.31.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The firm had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. Research analysts predict that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently added to or reduced their stakes in the company. Heights Capital Management Inc. bought a new position in shares of Plug Power in the 1st quarter worth about $31,174,000. Legal & General Group Plc increased its stake in shares of Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after acquiring an additional 6,364,483 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of 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. Caitong International Asset Management Co. Ltd increased its stake in shares of Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after acquiring an additional 3,794,740 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock worth $35,872,000 after acquiring an additional 3,125,542 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

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.

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