Plug Power (NASDAQ:PLUG) Shares Up 5% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) traded up 5% during trading on Friday . The stock traded as high as $2.52 and last traded at $2.50. 9,913,295 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 43,404,309 shares. The stock had previously closed at $2.38.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLUG. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Craig Hallum reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Evercore ISI reduced their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The firm’s 50-day simple moving average is $2.21 and its 200 day simple moving average is $2.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company has a market cap of $2.17 billion, a P/E ratio of -1.11 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) EPS. On average, research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in Plug Power in the third quarter worth $206,000. Arete Wealth Advisors LLC lifted its holdings in Plug Power by 575.8% during the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock worth $332,000 after acquiring an additional 125,347 shares in the last quarter. Geode Capital Management LLC grew its stake in Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the period. Duff & Phelps Investment Management Co. increased its holdings in shares of Plug Power by 31.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after acquiring an additional 18,110 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Plug Power during the third quarter worth about $823,000. 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.