Plug Power Inc. (NASDAQ:PLUG – Get Free Report)’s stock price rose 4.4% on Friday . The company traded as high as $3.14 and last traded at $3.06. Approximately 17,786,279 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 39,170,242 shares. The stock had previously closed at $2.93.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Citigroup cut shares of Plug Power from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $3.25 to $2.00 in a research note on Friday, April 5th. Susquehanna reduced their target price on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Tuesday, May 14th. TD Cowen dropped their price objective on shares of Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a report on Friday, May 10th. Finally, Canaccord Genuity Group dropped their price objective on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a report on Monday, May 13th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $5.49.
Get Our Latest Research Report on PLUG
Plug Power Stock Up 5.8 %
Plug Power (NASDAQ:PLUG – Get Free Report) last announced its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The firm had revenue of $120.26 million during the quarter, compared to analyst estimates of $162.92 million. On average, equities analysts forecast that Plug Power Inc. will post -1.13 EPS for the current year.
Insider Activity at Plug Power
In other news, Director George C. Mcnamee sold 10,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the completion of the transaction, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Plug Power
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mosley Wealth Management acquired a new stake in shares of Plug Power during the 1st quarter valued at approximately $35,000. J.W. Cole Advisors Inc. acquired a new stake in shares of Plug Power during the 1st quarter valued at approximately $36,000. HBK Sorce Advisory LLC acquired a new stake in shares of Plug Power during the 1st quarter valued at approximately $37,000. FAS Wealth Partners Inc. acquired a new stake in shares of Plug Power during the 4th quarter valued at approximately $45,000. Finally, Independent Advisor Alliance acquired a new stake in shares of Plug Power during the 4th quarter valued at approximately $45,000. Hedge funds and other 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.
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