Plug Power (NASDAQ:PLUG) Trading 1.8% Higher – Should You Buy?

Plug Power Inc. (NASDAQ:PLUG)’s stock price shot up 1.8% during trading on Thursday . The stock traded as high as $2.31 and last traded at $2.26. 11,254,695 shares changed hands during trading, a decline of 74% from the average session volume of 43,247,992 shares. The stock had previously closed at $2.22.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company cut their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Craig Hallum decreased their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Jefferies Financial Group cut their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -1.20 and a beta of 1.76. The firm has a fifty day moving average of $2.17 and a 200-day moving average of $2.28.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the business earned ($0.47) EPS. The firm’s revenue was down 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PLUG. Geode Capital Management LLC boosted its position in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after buying an additional 1,354,500 shares during the period. Van ECK Associates Corp lifted its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after acquiring an additional 1,036,777 shares in the last quarter. Institutional investors and hedge funds 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.