Plug Power (NASDAQ:PLUG) Trading Up 4.2% - Time to Buy?

Key Points

• Plug Power's stock surged by 4.2% to $1.61, but volume was significantly lower than average, indicating a potential shift in investor interest.
• Equities analysts are divided on the stock, with target prices ranging from $0.50 to $1.88, reflecting mixed sentiments about its future performance.
• Institutional investors have increased their stakes in Plug Power, with notable acquisitions totaling over $31 million in new investments this year.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price was up 4.2% during mid-day trading on Friday . The stock traded as high as $1.63 and last traded at $1.61. Approximately 16,320,678 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 85,938,375 shares. The stock had previously closed at $1.54.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group increased their target price on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Morgan Stanley reduced 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. Susquehanna lifted their price objective on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research report on Monday, July 21st. Roth Capital restated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Finally, BMO Capital Markets cut their price target on Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $1.88.

Plug Power Trading Up 9.1%

The stock has a market cap of $1.94 billion, a P/E ratio of -0.73 and a beta of 2.35. The business's 50 day simple moving average is $1.50 and its 200 day simple moving average is $1.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The business had revenue of $173.97 million during 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%. On average, analysts expect that Plug Power, Inc. will post -1.21 earnings per share 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 cost of $1.03 per share, with a total value of $669,500.00. Following the acquisition, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Plug Power

Large investors have recently made changes to their positions in the company. Heights Capital Management Inc. bought a new position in Plug Power in the 1st quarter valued at approximately $31,174,000. Legal & General Group Plc raised its position in Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after acquiring an additional 6,364,483 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Plug Power in the fourth quarter valued at approximately $10,370,000. Vanguard Group Inc. raised its position in shares of Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after purchasing an additional 3,930,342 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Plug Power by 365,934.4% in the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock valued at $5,656,000 after purchasing an additional 3,794,740 shares during the period. Institutional investors and hedge funds own 43.48% of the company's stock.

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.

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