Plug Power Inc. (NASDAQ:PLUG – Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.49, but opened at $2.59. Plug Power shares last traded at $2.71, with a volume of 9,638,997 shares traded.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on PLUG shares. Craig Hallum cut their price target on Plug Power from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. Piper Sandler raised their target price on Plug Power from $2.80 to $2.90 and gave the company an “underweight” rating in a research report on Tuesday, March 5th. Truist Financial raised their target price on Plug Power from $3.00 to $4.00 and gave the company a “hold” rating in a research report on Wednesday, February 28th. BMO Capital Markets cut Plug Power from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $3.50 to $2.50 in a research report on Wednesday, January 24th. Finally, HSBC dropped their target price on Plug Power from $9.00 to $8.50 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $6.05.
Read Our Latest Stock Report on PLUG
Plug Power Stock Performance
Plug Power (NASDAQ:PLUG – Get Free Report) last released its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The firm had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $234.21 million. Plug Power had a negative net margin of 153.57% and a negative return on equity of 38.09%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.38) EPS. Analysts forecast that Plug Power Inc. will post -0.94 earnings per share for the current year.
Institutional Trading of Plug Power
Several institutional investors have recently added to or reduced their stakes in PLUG. Millburn Ridgefield Corp acquired a new stake in Plug Power in the 3rd quarter valued at approximately $29,000. Mosley Wealth Management acquired a new stake in Plug Power in the 1st quarter valued at approximately $35,000. FAS Wealth Partners Inc. acquired a new stake in Plug Power in the 4th quarter valued at approximately $45,000. Independent Advisor Alliance acquired a new stake in Plug Power in the 4th quarter valued at approximately $45,000. Finally, HighPoint Advisor Group LLC acquired a new stake in Plug Power in the 4th quarter valued at approximately $48,000. Institutional investors and hedge funds own 43.48% of the company’s stock.
Plug Power Company Profile
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.
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