Plug Power (NASDAQ:PLUG) Trading 8.2% Higher - Here's Why

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price traded up 8.2% on Thursday . The stock traded as high as $1.67 and last traded at $1.65. 33,087,826 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 71,323,933 shares. The stock had previously closed at $1.52.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Susquehanna decreased their price target on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a report on Monday, April 14th. Morgan Stanley lowered their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a report on Monday, May 19th. UBS Group reduced their price target on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research report on Friday, March 21st. HC Wainwright reissued a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research report on Monday, March 24th. Finally, Wells Fargo & Company cut their price objective on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 14th. Five equities 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.com, Plug Power presently has an average rating of "Hold" and an average price target of $1.83.

Plug Power Trading Up 8.6%

The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -0.67 and a beta of 2.29. The business's 50 day moving average price is $1.12 and its 200-day moving average price is $1.47. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced 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 analysts' expectations of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. Equities analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul B. Middleton purchased 650,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the completion of the transaction, the insider owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

Several large investors have recently made changes to their positions in PLUG. Jones Financial Companies Lllp increased its position 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 worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Plug Power in the fourth quarter valued at $344,000. PNC Financial Services Group Inc. boosted its stake in shares of Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock valued at $33,000 after purchasing an additional 5,348 shares during the period. Cibc World Markets Corp purchased a new position in shares of Plug Power in the fourth quarter valued at $159,000. Finally, Xponance Inc. boosted its stake in shares of Plug Power by 17.0% in the fourth quarter. Xponance Inc. now owns 57,264 shares of the electronics maker's stock valued at $122,000 after purchasing an additional 8,313 shares during the period. Institutional investors and hedge funds 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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