Plug Power (NASDAQ:PLUG) Trading Up 6.6% - Here's Why

Key Points

• Plug Power shares rose 6.6% on Tuesday, trading as high as $2.35 after closing at $2.17, though volume was far below average.
• Several analysts raised their price targets for PLUG, with the consensus view remaining Hold and the average target price at $3.30.
• The company reported better-than-expected quarterly results, including a smaller-than-expected loss and revenue of $163.5 million, up 22.3% year over year, while institutional investors continued to adjust their holdings.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report)'s stock price was up 6.6% during trading on Tuesday . The stock traded as high as $2.35 and last traded at $2.3140. Approximately 8,388,890 shares traded hands during trading, a decline of 90% from the average daily volume of 81,282,820 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

Several brokerages have issued reports on PLUG. TD Cowen raised their price objective on shares of Plug Power from $2.00 to $3.00 and gave the stock a "hold" rating in a research note on Tuesday, May 12th. Morgan Stanley increased their price target on Plug Power from $1.50 to $1.65 and gave the stock an "underweight" rating in a report on Thursday, July 9th. B. Riley Financial raised their price target on Plug Power from $3.00 to $5.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. BMO Capital Markets boosted their price objective on Plug Power from $1.00 to $1.20 and gave the company an "underperform" rating in a report on Tuesday, May 12th. Finally, Canaccord Genuity Group upped their price objective on Plug Power from $2.50 to $4.00 and gave the company a "hold" rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Plug Power currently has an average rating of "Hold" and an average target price of $3.30.

Plug Power Stock Up 5.8%

The stock has a market cap of $3.20 billion, a PE ratio of -1.74 and a beta of 2.16. The business has a fifty day moving average of $3.13 and a 200-day moving average of $2.61. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company had revenue of $163.51 million for the quarter, compared to the consensus estimate of $139.87 million. During the same period last year, the business posted ($0.21) EPS. Plug Power's quarterly revenue was up 22.3% on a year-over-year basis. Equities research analysts anticipate that Plug Power, Inc. will post -0.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Handelsbanken Fonder AB raised its holdings in shares of Plug Power by 446.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker's stock valued at $51,529,000 after purchasing an additional 15,537,320 shares in the last quarter. Byrne Asset Management LLC purchased a new position in Plug Power during the second quarter valued at approximately $147,000. Empowered Funds LLC increased its holdings in Plug Power by 15.5% during the first quarter. Empowered Funds LLC now owns 252,076 shares of the electronics maker's stock valued at $570,000 after buying an additional 33,835 shares during the period. Rathbones Group PLC raised its stake in Plug Power by 26.5% in the first quarter. Rathbones Group PLC now owns 38,641 shares of the electronics maker's stock worth $87,000 after buying an additional 8,105 shares in the last quarter. Finally, J. Derek Lewis & Associates Inc. lifted its holdings in Plug Power by 7.7% during the first quarter. J. Derek Lewis & Associates Inc. now owns 292,555 shares of the electronics maker's stock worth $661,000 after buying an additional 21,000 shares during the period. 43.48% of the stock is currently owned by institutional investors.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

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