Plug Power (NASDAQ:PLUG) Trading 21.6% Higher - Still a Buy?

Key Points

• Plug Power's stock surged by 21.6% to a trading price of $2.65, with trading volume increasing by 145% compared to its average.
• Analysts have varied opinions on Plug Power, with four analysts rating it as a Buy, while others assigned Hold or Sell ratings, resulting in an average target price of $1.88.
• The company reported a quarterly loss of ($0.16) earnings per share, missing estimates, but exceeded revenue expectations with $173.97 million for the quarter.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price traded up 21.6% on Monday . The company traded as high as $2.68 and last traded at $2.65. 205,894,834 shares were traded during trading, an increase of 145% from the average session volume of 84,035,375 shares. The stock had previously closed at $2.18.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a report on Tuesday, August 12th. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research report on Tuesday, July 15th. Wells Fargo & Company upped their price target on shares of Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a research report on Thursday, August 14th. Susquehanna upped their price target on shares of Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Jefferies Financial Group upped their price target on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $1.88.

Plug Power Stock Down 2.1%

The firm has a market cap of $3.00 billion, a P/E ratio of -1.12 and a beta of 2.09. The business's fifty day moving average price is $1.64 and its two-hundred day moving average price is $1.32. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The business had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. As a group, equities research analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently modified their holdings of the stock. Silverlake Wealth Management LLC bought a new stake in shares of Plug Power during the second quarter worth approximately $50,000. Headlands Technologies LLC bought a new stake in shares of Plug Power during the second quarter worth approximately $718,000. CANADA LIFE ASSURANCE Co raised its stake in shares of Plug Power by 10.7% during the second quarter. CANADA LIFE ASSURANCE Co now owns 237,944 shares of the electronics maker's stock worth $355,000 after buying an additional 23,007 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Plug Power by 340.3% during the second quarter. Tower Research Capital LLC TRC now owns 67,238 shares of the electronics maker's stock worth $100,000 after buying an additional 51,966 shares during the last quarter. Finally, Sender Co & Partners Inc. bought a new stake in shares of Plug Power during the second quarter worth approximately $26,000. 43.48% of the stock is owned by institutional investors.

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.