Plug Power (NASDAQ:PLUG) Trading Up 9.9% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG)’s stock price shot up 9.9% during trading on Tuesday . The stock traded as high as $2.19 and last traded at $2.11. 120,699,234 shares changed hands during mid-day trading, an increase of 25% from the average session volume of 96,692,313 shares. The stock had previously closed at $1.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PLUG shares. BMO Capital Markets lowered their price objective on Plug Power from $1.10 to $1.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 12th. Hsbc Global Res upgraded shares of Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. Canaccord Genuity Group set a $7.00 target price on shares of Plug Power in a report on Monday, November 24th. Wall Street Zen cut shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Plug Power in a research report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.80.

Plug Power Trading Up 9.9%

The company has a market cap of $2.94 billion, a PE ratio of -0.91 and a beta of 2.28. The company’s 50 day simple moving average is $2.76 and its two-hundred day simple moving average is $1.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The business had revenue of $177.06 million for the quarter, compared to the consensus estimate of $185.41 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. As a group, sell-side analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Benjamin Haycraft sold 10,000 shares of the firm’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 completion of the transaction, the executive vice president directly owned 467,583 shares in the company, valued at $1,365,342.36. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently modified their holdings of the company. Profund Advisors LLC boosted its holdings in Plug Power by 24.4% during the 3rd quarter. Profund Advisors LLC now owns 20,188 shares of the electronics maker’s stock valued at $47,000 after acquiring an additional 3,961 shares during the period. SlateStone Wealth LLC lifted its position in shares of Plug Power by 16.0% during the third quarter. SlateStone Wealth LLC now owns 29,077 shares of the electronics maker’s stock worth $68,000 after purchasing an additional 4,000 shares in the last quarter. Signature Estate & Investment Advisors LLC lifted its position in shares of Plug Power by 33.4% during the third quarter. Signature Estate & Investment Advisors LLC now owns 18,414 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 4,615 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Plug Power by 10.6% in the third quarter. Mackenzie Financial Corp now owns 58,098 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 5,584 shares during the period. Finally, QRG Capital Management Inc. grew its holdings in shares of Plug Power by 31.8% in the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 6,039 shares in the last quarter. Hedge funds and other institutional investors 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.