Plug Power (NASDAQ:PLUG) Trading 7.8% Higher - Should You Buy?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shot up 7.8% on Monday . The company traded as high as $1.08 and last traded at $1.05. 34,880,202 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 65,347,662 shares. The stock had previously closed at $0.97.

Analysts Set New Price Targets

A number of analysts recently weighed in on PLUG shares. HC Wainwright restated a "buy" rating and issued a $3.00 target price on shares of Plug Power in a research report on Monday, March 24th. Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Susquehanna reduced their price target on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research note on Monday, April 14th. Piper Sandler dropped their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research note on Wednesday, May 14th. Finally, Jefferies Financial Group cut their target price on Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research report on Tuesday, May 20th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $1.83.

Plug Power Price Performance

The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -0.55 and a beta of 2.17. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock's 50-day moving average price is $0.92 and its 200-day moving average price is $1.65.

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

Insider Transactions at Plug Power

In other Plug Power news, CFO Paul B. Middleton bought 350,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $0.72 per share, for a total transaction of $252,000.00. Following the transaction, the chief financial officer now directly owns 1,908,064 shares of the company's stock, 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 SEC, which is available through this hyperlink. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Plug Power by 4.5% during the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the last quarter. Norges Bank purchased a new position in shares of Plug Power in the 4th quarter valued at $146,465,000. Heights Capital Management Inc. purchased a new stake in shares of Plug Power during the first quarter worth about $31,174,000. Geode Capital Management LLC lifted its position 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 worth $42,434,000 after purchasing an additional 722,639 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Plug Power by 8.5% during the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock worth $21,602,000 after purchasing an additional 796,774 shares during the period. 43.48% of the stock is currently 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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