Plug Power (NASDAQ:PLUG) Trading Up 5.5% - Here's Why

Key Points

• Plug Power's stock increased by 5.5% during mid-day trading, reaching a last traded price of $1.63, but experienced a significant decline in trading volume.
• Analysts have mixed sentiments regarding Plug Power, with target prices ranging from $0.50 to $1.80 and a consensus rating of "Hold."
• The company's latest quarterly results revealed an earnings per share of ($0.16), missing estimates while reporting revenue of $173.97 million, exceeding expectations.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) was up 5.5% during mid-day trading on Wednesday . The company traded as high as $1.72 and last traded at $1.63. Approximately 37,325,289 shares changed hands during trading, a decline of 57% from the average daily volume of 87,774,000 shares. The stock had previously closed at $1.54.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PLUG shares. BMO Capital Markets decreased their target price on shares of Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research report on Tuesday. Roth Capital restated a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Susquehanna raised their target price on shares of Plug Power from $1.00 to $1.80 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Morgan Stanley decreased their target price on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Finally, Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a report on Tuesday, July 15th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and a consensus target price of $1.84.

Plug Power Stock Performance

The stock's 50 day moving average price is $1.43 and its 200 day moving average price is $1.35. 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 firm has a market cap of $1.90 billion, a PE ratio of -0.72 and a beta of 2.35.

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 (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative return on equity of 85.30% and a negative net margin of 292.84%. The firm had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. As a group, equities analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Transactions 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 purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the purchase, the insider directly owned 2,558,064 shares of the company's stock, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Heights Capital Management Inc. purchased a new stake in Plug Power during the 1st quarter worth $31,174,000. Legal & General Group Plc increased its position in shares of Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after purchasing an additional 6,364,483 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Plug Power in the 4th quarter worth about $10,370,000. Vanguard Group Inc. increased its position in shares of Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after purchasing an additional 3,794,740 shares during the last quarter. Hedge funds and other 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.

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