Plug Power (NASDAQ:PLUG) Shares Up 3.9% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price was up 3.9% on Thursday . The stock traded as high as $1.64 and last traded at $1.64. Approximately 14,653,940 shares changed hands during trading, a decline of 69% from the average daily volume of 47,357,710 shares. The stock had previously closed at $1.58.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of research analyst reports. B. Riley cut their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Susquehanna reduced their price objective on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research note on Wednesday, March 5th. Canaccord Genuity Group lowered their target price on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley reduced their price target on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research report on Thursday, March 6th. Finally, Piper Sandler lowered their price objective on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average price target of $2.34.

Plug Power Price Performance

The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -0.75 and a beta of 1.98. The company has a 50-day moving average price of $1.91 and a 200-day moving average price of $2.07. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Institutional Trading of Plug Power

Hedge funds have recently added to or reduced their stakes in the business. Pacific Sage Partners LLC acquired a new stake in Plug Power during the 4th quarter worth $25,000. Oppenheimer & Co. Inc. acquired a new stake in Plug Power during the 4th quarter worth $25,000. Jones Financial Companies Lllp raised its stake in Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after buying an additional 6,074 shares during the period. Callan Family Office LLC acquired a new stake in Plug Power during the 4th quarter worth $27,000. Finally, Ground Swell Capital LLC acquired a new stake in Plug Power during the 4th quarter worth $27,000. 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.