Plug Power (NASDAQ:PLUG) Trading Up 1.1% - Here's Why

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shot up 1.1% on Friday . The company traded as high as $0.80 and last traded at $0.81. 43,621,580 shares were traded during trading, a decline of 28% from the average session volume of 60,522,655 shares. The stock had previously closed at $0.80.

Analyst Ratings Changes

PLUG has been the subject of several recent research reports. Morgan Stanley dropped their price objective on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research report on Monday. Seaport Res Ptn downgraded Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Truist Financial cut their price objective on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Susquehanna decreased their target price on Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Canaccord Genuity Group dropped their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Tuesday, May 13th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $1.83.

Plug Power Stock Down 2.2%

The stock has a market capitalization of $843.27 million, a P/E ratio of -0.37 and a beta of 2.19. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock's 50 day simple moving average is $1.06 and its 200 day simple moving average is $1.74.

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

Insider Activity at Plug Power

In other Plug Power news, CFO Paul B. Middleton bought 350,000 shares of the stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the purchase, the chief financial officer now directly owns 1,908,064 shares in the company, valued at approximately $1,373,806.08. This trade represents a 22.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently modified their holdings of PLUG. Focus Partners Wealth acquired a new position in Plug Power in the first quarter valued at approximately $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Plug Power by 12.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker's stock valued at $3,520,000 after purchasing an additional 297,754 shares during the period. Advisors Asset Management Inc. boosted its position in Plug Power by 27.1% during the 1st quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker's stock valued at $349,000 after purchasing an additional 55,145 shares during the period. Amundi grew its stake in Plug Power by 1.7% during the 1st quarter. Amundi now owns 3,378,109 shares of the electronics maker's stock worth $4,560,000 after buying an additional 55,144 shares during the last quarter. Finally, Heights Capital Management Inc. acquired a new stake in Plug Power in the first quarter worth $31,174,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.