Plug Power (NASDAQ:PLUG) Stock Price Up 9.3%

Plug Power Inc. (NASDAQ:PLUG) rose 9.3% on Wednesday . The company traded as high as $2.53 and last traded at $2.48. Approximately 17,066,109 shares were traded during trading, a decline of 57% from the average daily volume of 39,484,023 shares. The stock had previously closed at $2.27.

Analyst Upgrades and Downgrades

PLUG has been the subject of a number of recent research reports. Citigroup lowered Plug Power from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.25 to $2.00 in a research note on Friday, April 5th. Canaccord Genuity Group reduced their price objective on Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Monday, May 13th. Marathon Capitl reiterated an “equal weight” rating on shares of Plug Power in a research note on Tuesday, March 26th. TD Cowen dropped their target price on Plug Power from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Finally, Morgan Stanley dropped their target price on Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a research report on Friday, May 10th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Plug Power presently has an average rating of “Hold” and a consensus target price of $5.49.

Plug Power Stock Performance

The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The stock’s 50 day simple moving average is $2.82 and its two-hundred day simple moving average is $3.35.

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

Insider Activity

In other news, Director George C. Mcnamee sold 10,000 shares of Plug Power stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the sale, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Plug Power

Institutional investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina raised its position in Plug Power by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock valued at $1,049,000 after purchasing an additional 2,280 shares during the period. Tower Research Capital LLC TRC raised its position in Plug Power by 15.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock valued at $84,000 after purchasing an additional 2,526 shares during the period. Brookstone Capital Management raised its position in Plug Power by 22.3% in the fourth quarter. Brookstone Capital Management now owns 17,973 shares of the electronics maker’s stock valued at $81,000 after purchasing an additional 3,273 shares during the period. Advisors Asset Management Inc. raised its position in Plug Power by 6.3% in the third quarter. Advisors Asset Management Inc. now owns 58,648 shares of the electronics maker’s stock valued at $446,000 after purchasing an additional 3,450 shares during the period. Finally, Prime Capital Investment Advisors LLC raised its position in Plug Power by 19.4% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock valued at $98,000 after purchasing an additional 3,556 shares during the period. 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.