Plug Power (NASDAQ:PLUG) Trading Up 4.2% - Should You 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.

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

Analysts Set New Price Targets

Several brokerages have commented on PLUG. Piper Sandler dropped their price target on shares of Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research note on Wednesday, May 14th. Morgan Stanley cut their price objective on Plug Power from $1.25 to $0.50 and set an "underweight" rating for the company in a research report on Monday, May 19th. Susquehanna upped their target price on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a report on Monday, July 21st. Wall Street Zen raised Plug Power to a "sell" rating in a report on Tuesday, May 13th. Finally, Canaccord Genuity Group decreased their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research note on Tuesday, May 13th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $1.88.

Plug Power Price Performance

The stock has a market cap of $1.91 billion, a PE ratio of -0.71 and a beta of 2.35. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The company's 50 day moving average is $1.52 and its 200-day moving average is $1.33.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The business had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. 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 Plug Power news, insider Paul B. Middleton acquired 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The stock was acquired at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.41% of the company's stock.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently bought and sold shares of the stock. Heights Capital Management Inc. bought a new position in Plug Power during the 1st quarter valued at $31,174,000. Legal & General Group Plc lifted its holdings in shares of 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 valued at $25,301,000 after buying an additional 6,364,483 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Plug Power in the fourth quarter valued at $10,370,000. Vanguard Group Inc. boosted its stake in Plug Power by 4.5% during the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after buying an additional 3,930,342 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Plug Power by 365,934.4% during the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after acquiring 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.