Plug Power (NASDAQ:PLUG) Shares Up 2.6%

Plug Power Inc. (NASDAQ:PLUG)’s stock price shot up 2.6% during trading on Monday . The company traded as high as $2.02 and last traded at $1.99. 9,482,204 shares changed hands during trading, a decline of 76% from the average session volume of 39,244,727 shares. The stock had previously closed at $1.94.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PLUG. Wells Fargo & Company decreased their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Susquehanna decreased their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Craig Hallum decreased their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Truist Financial decreased their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, B. Riley upgraded Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $5.19.

Plug Power Price Performance

The stock has a 50-day moving average price of $2.18 and a 200 day moving average price of $2.68. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -0.83 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) 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 for the quarter, compared to analyst estimates of $184.54 million. During the same quarter last year, the firm posted ($0.35) EPS. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, equities research analysts forecast that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares during the period. Pinnacle Associates Ltd. increased its position in Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after acquiring an additional 1,105,813 shares during the period. Van ECK Associates Corp increased its position in Plug Power by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after acquiring an additional 923,579 shares during the period. Charles Schwab Investment Management Inc. increased its position 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 valued at $15,187,000 after acquiring an additional 102,095 shares during the period. Finally, Swedbank AB acquired a new position in Plug Power in the 1st quarter valued at about $10,687,000. Institutional investors and hedge funds 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.