Plug Power (NASDAQ:PLUG) Shares Gap Up to $2.46

Shares of Plug Power Inc. (NASDAQ:PLUG) gapped up prior to trading on Friday . The stock had previously closed at $2.46, but opened at $2.59. Plug Power shares last traded at $2.55, with a volume of 8,057,624 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PLUG. Evercore ISI cut their price target on shares of Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a report on Monday, March 4th. B. Riley upgraded Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. TD Cowen dropped their price objective on Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Marathon Capitl reaffirmed an “equal weight” rating on shares of Plug Power in a research note on Tuesday, March 26th. Finally, Susquehanna lowered their target price on Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $5.49.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87. The company has a fifty day moving average of $2.83 and a 200 day moving average of $3.41. The firm has a market capitalization of $1.73 billion, a P/E ratio of -0.97 and a beta of 1.77.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The firm had revenue of $120.26 million during the quarter, compared to the consensus estimate of $162.92 million. Sell-side analysts predict that Plug Power Inc. will post -1.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the transaction, the director now directly owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Plug Power

Hedge funds have recently modified their holdings of the stock. Treasurer of the State of North Carolina boosted its stake in Plug Power by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after acquiring an additional 2,280 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Plug Power by 15.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock worth $84,000 after purchasing an additional 2,526 shares in the last quarter. Brookstone Capital Management grew its stake in shares of Plug Power by 22.3% in the 4th quarter. Brookstone Capital Management now owns 17,973 shares of the electronics maker’s stock valued at $81,000 after buying an additional 3,273 shares during the period. Advisors Asset Management Inc. increased its position in Plug Power by 6.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 58,648 shares of the electronics maker’s stock valued at $446,000 after buying an additional 3,450 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC raised its stake in Plug Power by 19.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock worth $98,000 after buying an additional 3,556 shares during the period. 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.