Plug Power (NASDAQ:PLUG) Trading Up 4.6% - Here's What Happened

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price rose 4.6% during trading on Thursday . The stock traded as high as $1.18 and last traded at $1.14. Approximately 51,081,996 shares changed hands during trading, a decline of 25% from the average daily volume of 67,967,838 shares. The stock had previously closed at $1.09.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of analyst reports. 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 report on Wednesday, May 14th. Jefferies Financial Group lowered their price target on Plug Power from $1.70 to $0.90 and set a "hold" rating for the company in a research report on Tuesday, May 20th. Wells Fargo & Company cut their price objective on Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research note on Tuesday, May 13th. Finally, Truist Financial decreased their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a report on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Plug Power presently has an average rating of "Hold" and a consensus price target of $1.83.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.95. The stock has a market capitalization of $1.31 billion, a P/E ratio of -0.46 and a beta of 2.17. The business has a 50-day moving average price of $0.93 and a 200 day moving average price of $1.61.

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 analysts' expectations of $130.92 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. As a group, sell-side analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In other Plug Power news, CFO Paul B. Middleton acquired 350,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,908,064 shares of the company's stock, valued at approximately $1,373,806.08. This represents a 22.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently bought and sold shares of the business. Focus Partners Wealth purchased a new stake in shares of Plug Power during the 1st quarter valued at about $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Plug Power by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker's stock valued at $3,520,000 after purchasing an additional 297,754 shares during the period. Advisors Asset Management Inc. lifted its position in Plug Power by 27.1% during the first quarter. Advisors Asset Management Inc. now owns 258,801 shares of the electronics maker's stock valued at $349,000 after purchasing an additional 55,145 shares during the period. Amundi boosted its holdings in Plug Power by 1.7% in the first quarter. Amundi now owns 3,378,109 shares of the electronics maker's stock worth $4,560,000 after purchasing an additional 55,144 shares during the last quarter. Finally, Heights Capital Management Inc. bought a new stake in Plug Power in the 1st quarter worth approximately $31,174,000. Hedge funds and other institutional investors 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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