Plug Power (NASDAQ:PLUG) Trading 7.3% Higher - Here's Why

Key Points

• Plug Power's shares rose by 7.3% in trading, reaching a high of $1.48 and closing at $1.55, although the trading volume dropped significantly by 96% from its average.
• Analysts have mixed ratings for Plug Power, with four ratings for Buy, seven for Hold, and five for Sell, alongside a consensus target price of $1.88.
• The company reported negative earnings per share of ($0.16), missing expectations, but its revenue of $173.97 million exceeded forecasts of $157.97 million.

Shares of Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) traded up 7.3% during trading on Thursday . The stock traded as high as $1.48 and last traded at $1.55. 3,268,897 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 82,248,703 shares. The stock had previously closed at $1.44.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Piper Sandler reduced their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Susquehanna boosted their price target on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research note on Monday, July 21st. Jefferies Financial Group boosted their price target on Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. BMO Capital Markets decreased their price target on Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 12th. Finally, Evercore ISI raised Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $1.88.

Plug Power Trading Up 5.2%

The company has a 50-day simple moving average of $1.58 and a 200-day simple moving average of $1.31. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The stock has a market cap of $1.75 billion, a P/E ratio of -0.66 and a beta of 2.09.

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

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Dimensional Fund Advisors LP increased its holdings in Plug Power by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 985,216 shares of the electronics maker's stock valued at $2,101,000 after purchasing an additional 33,278 shares during the last quarter. Northern Trust Corp boosted its position in Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker's stock valued at $16,843,000 after purchasing an additional 790,650 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Plug Power during the fourth quarter valued at approximately $76,000. Mercer Global Advisors Inc. ADV raised its stake in Plug Power by 75.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 143,788 shares of the electronics maker's stock valued at $306,000 after buying an additional 61,673 shares during the period. Finally, Deutsche Bank AG raised its stake in Plug Power by 88.3% in the fourth quarter. Deutsche Bank AG now owns 978,101 shares of the electronics maker's stock valued at $2,083,000 after buying an additional 458,706 shares during the period. Institutional investors own 43.48% of the company's stock.

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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