Plug Power (NASDAQ:PLUG) Shares Gap Up to $3.07

Plug Power Inc (NASDAQ:PLUG)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.12, but opened at $3.07. Plug Power shares last traded at $3.40, with a volume of 567,167 shares trading hands.

A number of brokerages have issued reports on PLUG. BidaskClub upgraded Plug Power from a “hold” rating to a “buy” rating in a research note on Thursday. Cowen set a $3.00 price objective on Plug Power and gave the company a “buy” rating in a research note on Tuesday, September 17th. ValuEngine upgraded Plug Power from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. HC Wainwright set a $4.00 price objective on Plug Power and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Zacks Investment Research downgraded Plug Power from a “buy” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $4.00.

The stock has a market cap of $801.49 million, a P/E ratio of -9.69 and a beta of 1.45. The business has a 50 day simple moving average of $2.78 and a 200-day simple moving average of $2.46.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, November 7th. The electronics maker reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The business had revenue of $56.38 million during the quarter, compared to the consensus estimate of $55.58 million. Plug Power had a negative net margin of 47.21% and a negative return on equity of 6,435.09%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) EPS. Sell-side analysts anticipate that Plug Power Inc will post -0.35 EPS for the current year.

Several hedge funds have recently bought and sold shares of PLUG. KAMES CAPITAL plc bought a new position in shares of Plug Power during the 2nd quarter worth $10,731,000. Nuveen Asset Management LLC bought a new position in shares of Plug Power during the 2nd quarter worth $2,800,000. Vanguard Group Inc. grew its stake in shares of Plug Power by 8.1% during the 2nd quarter. Vanguard Group Inc. now owns 12,247,704 shares of the electronics maker’s stock worth $27,557,000 after acquiring an additional 922,937 shares during the period. Invesco Ltd. grew its stake in shares of Plug Power by 56.6% during the 2nd quarter. Invesco Ltd. now owns 2,316,548 shares of the electronics maker’s stock worth $5,212,000 after acquiring an additional 836,970 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Plug Power during the 2nd quarter worth $666,000. Institutional investors own 31.01% of the company’s stock.

Plug Power Company Profile (NASDAQ:PLUG)

Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

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