Plug Power (NASDAQ:PLUG) Trading 19.4% Higher - Here's Why

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shot up 19.4% during mid-day trading on Wednesday . The stock traded as high as $1.74 and last traded at $1.70. 100,022,951 shares traded hands during trading, an increase of 42% from the average session volume of 70,470,658 shares. The stock had previously closed at $1.42.

Analysts Set New Price Targets

PLUG has been the subject of a number of research analyst reports. Morgan Stanley dropped their price objective on 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 dropped their price target on Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research note on Friday, March 21st. Roth Capital restated a "buy" rating on shares of Plug Power in a report on Tuesday, May 13th. Wells Fargo & Company decreased their target price on Plug Power from $2.00 to $1.00 and set an "equal weight" rating for the company in a report on Wednesday, May 14th. Finally, Piper Sandler dropped their target price 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. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $1.83.

Plug Power Price Performance

The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. The company's 50 day moving average is $1.06 and its 200-day moving average is $1.49. The stock has a market cap of $1.93 billion, a PE ratio of -0.68 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted 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 company had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. As a group, sell-side analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other news, insider Paul B. Middleton purchased 650,000 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were acquired at an average cost of $1.03 per share, with a total value of $669,500.00. Following the transaction, the insider owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. The trade was a 34.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.41% of the company's stock.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp lifted its position in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after buying an additional 6,074 shares during the last quarter. Callan Family Office LLC acquired a new stake in Plug Power during the fourth quarter worth about $27,000. Ground Swell Capital LLC bought a new position in Plug Power in the fourth quarter worth about $27,000. Strategic Investment Solutions Inc. IL boosted its stake in Plug Power by 1,182.4% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker's stock valued at $31,000 after acquiring an additional 13,550 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Plug Power by 53.2% during 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 last quarter. Institutional investors 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.