Plug Power (NASDAQ:PLUG) Shares Up 1.4%

Shares of Plug Power Inc. (NASDAQ:PLUG) shot up 1.4% on Thursday . The company traded as high as $2.26 and last traded at $2.13. 19,304,780 shares were traded during mid-day trading, a decline of 51% from the average session volume of 39,041,836 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

PLUG has been the subject of a number of research analyst reports. Susquehanna lowered their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Craig Hallum decreased their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group dropped their target price on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Piper Sandler reduced their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Finally, Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.19.

Plug Power Stock Performance

The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.71 billion, a PE ratio of -0.81 and a beta of 1.79. The company has a 50-day moving average price of $2.18 and a two-hundred day moving average price of $2.70.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm had revenue of $143.40 million during the quarter, compared to analysts’ expectations of $184.54 million. During the same period in the previous year, the company posted ($0.35) earnings per share. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. Analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in PLUG. Victory Capital Management Inc. grew its stake in shares of Plug Power by 23.5% during the fourth quarter. Victory Capital Management Inc. now owns 72,715 shares of the electronics maker’s stock valued at $327,000 after buying an additional 13,838 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Plug Power by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after purchasing an additional 102,095 shares during the period. Independent Advisor Alliance bought a new stake in Plug Power in the fourth quarter valued at approximately $45,000. Norges Bank purchased a new stake in shares of Plug Power during the fourth quarter valued at approximately $97,800,000. Finally, Neuberger Berman Group LLC grew its holdings in shares of Plug Power by 39.4% in the fourth quarter. Neuberger Berman Group LLC now owns 47,296 shares of the electronics maker’s stock worth $213,000 after purchasing an additional 13,377 shares during the last quarter. 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.