Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s share price was up 19.4% during mid-day trading on Wednesday . The stock traded as high as $1.74 and last traded at $1.70. Approximately 100,022,951 shares changed hands during trading, an increase of 42% from the average daily volume of 70,470,658 shares. The stock had previously closed at $1.42.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on PLUG shares. Canaccord Genuity Group lowered 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. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. UBS Group lowered their target price on shares of Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a report on Friday, March 21st. Susquehanna lowered their target price 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. Finally, Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $1.83.
Read Our Latest Research Report on PLUG
Plug Power Price Performance
The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of -0.72 and a beta of 2.29. The company's 50 day moving average is $1.03 and its 200 day moving average is $1.49.
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). The business had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. Research analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, insider Paul B. Middleton bought 650,000 shares of the stock in a transaction on Monday, June 9th. The stock was purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the purchase, the insider owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.41% of the company's stock.
Institutional Trading of Plug Power
Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Norges Bank purchased a new stake in Plug Power in the 4th quarter worth approximately $146,465,000. Heights Capital Management Inc. purchased a new stake in shares of Plug Power during the 1st quarter valued at $31,174,000. Point72 Asset Management L.P. purchased a new stake in shares of Plug Power during the 4th quarter valued at $10,370,000. Vanguard Group Inc. grew its stake in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after buying an additional 4,491,114 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Plug Power during the 4th quarter valued at $6,235,000. 43.48% of the stock is owned by hedge funds and other institutional investors.
About Plug Power
(
Get Free Report)
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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