Plug Power (NASDAQ:PLUG) Shares Up 1.1% - Should You Buy?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares traded up 1.1% during mid-day trading on Thursday . The company traded as high as $1.47 and last traded at $1.40. 36,536,939 shares traded hands 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 equities analysts have issued reports on the company. Morgan Stanley reduced their target price on Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a report on Monday, May 19th. Canaccord Genuity Group reduced 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. HC Wainwright reiterated a "buy" rating and set a $3.00 price objective on shares of Plug Power in a report on Monday, March 24th. Jefferies Financial Group cut their price objective on Plug Power from $1.70 to $0.90 and set a "hold" rating on the stock in a report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Plug Power to a "sell" rating in a report on Tuesday, May 13th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Plug Power currently has a consensus rating of "Hold" and a consensus target price of $1.83.

Plug Power Stock Performance

The stock has a 50-day moving average of $0.93 and a 200-day moving average of $1.62. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -0.60 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.

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

Insiders Place Their Bets

In related news, insider Paul B. Middleton purchased 650,000 shares of the stock in a transaction on Monday, June 9th. The shares were purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider now directly owns 2,558,064 shares of the company's stock, valued at $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Focus Partners Wealth acquired a new position in shares of Plug Power during the 1st quarter worth approximately $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of 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 worth $3,520,000 after purchasing an additional 297,754 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Plug Power by 27.1% during the 1st quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker's stock worth $349,000 after purchasing an additional 55,145 shares during the last quarter. Amundi boosted its stake in shares of 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 acquiring an additional 55,144 shares during the period. Finally, Heights Capital Management Inc. bought a new position in shares of Plug Power during the 1st quarter worth approximately $31,174,000. 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.