Plug Power (NASDAQ:PLUG) Shares Up 2.4% – Should You Buy?

Plug Power, Inc. (NASDAQ:PLUG)’s stock price was up 2.4% on Tuesday . The stock traded as high as $2.29 and last traded at $2.14. Approximately 156,043,543 shares were traded during trading, an increase of 62% from the average daily volume of 96,140,344 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

Several research firms recently issued reports on PLUG. Wall Street Zen downgraded Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday. Hsbc Global Res raised shares of Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. BMO Capital Markets decreased their price target on shares of Plug Power from $1.10 to $1.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 12th. Jefferies Financial Group lifted their price objective on shares of Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a research note on Wednesday, July 23rd. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $1.50 target price on shares of Plug Power in a report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.42.

Plug Power Trading Up 2.4%

The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -0.93 and a beta of 2.28. 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 business’s 50 day moving average price is $2.73 and its two-hundred day moving average price is $1.81.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The business had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. On average, equities analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Benjamin Haycraft sold 10,000 shares of the business’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $2.92, for a total transaction of $29,200.00. Following the sale, the executive vice president owned 467,583 shares in the company, valued at $1,365,342.36. The trade was a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.41% of the stock is owned by corporate insiders.

Institutional Trading of Plug Power

A number of hedge funds have recently made changes to their positions in PLUG. Heights Capital Management Inc. acquired a new position in shares of Plug Power in the first quarter valued at approximately $31,174,000. Two Sigma Investments LP grew its holdings in Plug Power by 292.1% during the 3rd quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock worth $25,236,000 after acquiring an additional 8,068,713 shares during the last quarter. Vanguard Group Inc. increased its position in Plug Power by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock valued at $255,442,000 after acquiring an additional 7,789,039 shares during the period. Legal & General Group Plc increased its position in 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 valued at $25,301,000 after acquiring an additional 6,364,483 shares during the period. Finally, Electron Capital Partners LLC bought a new position in shares of Plug Power during the third quarter valued at $10,663,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.