Plug Power (NASDAQ:PLUG) Stock Price Up 1.5% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) shares were up 1.5% on Wednesday . The stock traded as high as $2.01 and last traded at $1.98. Approximately 86,570,372 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 96,880,422 shares. The stock had previously closed at $1.95.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PLUG shares. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Plug Power in a research report on Monday. Wells Fargo & Company upped their target price on Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a research report on Thursday, August 14th. Canaccord Genuity Group set a $7.00 price target on Plug Power in a research note on Monday. Hsbc Global Res upgraded Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $1.50 price objective on shares of Plug Power in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus price target of $2.80.

Plug Power Trading Up 1.5%

The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The stock has a market cap of $2.76 billion, a PE ratio of -0.86 and a beta of 2.28. The stock has a 50-day moving average of $2.78 and a 200 day moving average of $1.86.

Plug Power (NASDAQ:PLUG) last released 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 for the quarter, compared to the consensus estimate of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insiders Place Their Bets

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of Plug Power stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $2.92, for a total transaction of $29,200.00. Following the completion of the transaction, the executive vice president owned 467,583 shares in the company, valued at approximately $1,365,342.36. This trade represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PLUG. Heights Capital Management Inc. purchased a new stake in Plug Power in the 1st quarter worth approximately $31,174,000. Two Sigma Investments LP boosted its holdings in Plug Power by 292.1% during the third quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock worth $25,236,000 after buying an additional 8,068,713 shares in the last quarter. Vanguard Group Inc. increased its holdings in Plug Power by 7.6% in the third quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock valued at $255,442,000 after buying an additional 7,789,039 shares in the last quarter. Legal & General Group Plc increased its holdings in Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after buying an additional 6,364,483 shares in the last quarter. Finally, Electron Capital Partners LLC acquired a new position in shares of Plug Power in the third quarter worth about $10,663,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.