Plug Power (NASDAQ:PLUG) Trading Up 1.1% - What's Next?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price shot up 1.1% on Thursday . The stock traded as high as $1.47 and last traded at $1.40. 36,536,939 shares were traded during trading, a decline of 45% from the average session volume of 66,887,864 shares. The stock had previously closed at $1.38.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Canaccord Genuity Group reduced their price objective on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research report on Tuesday, May 13th. UBS Group reduced their price objective on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research note on Friday, March 21st. Piper Sandler decreased their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research report on Wednesday, May 14th. Wall Street Zen upgraded Plug Power to a "sell" rating in a report on Tuesday, May 13th. Finally, Roth Capital reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Plug Power has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Stock Performance

The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -0.61 and a beta of 2.17. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm's 50 day moving average is $0.93 and its 200-day moving average is $1.63.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its 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 firm had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Analysts forecast that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Plug Power

In other news, CFO Paul B. Middleton purchased 350,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $0.72 per share, for a total transaction of $252,000.00. Following the completion of the transaction, the chief financial officer now owns 1,908,064 shares of the company's stock, valued at $1,373,806.08. This trade represents a 22.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of the business. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power in the 4th quarter worth $25,000. Jones Financial Companies Lllp increased its stake in Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares during the period. Callan Family Office LLC purchased a new stake in Plug Power during the 4th quarter worth approximately $27,000. Ground Swell Capital LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at $27,000. Finally, Savant Capital LLC acquired a new stake in Plug Power in the 4th quarter valued at about $31,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.