Plug Power (NASDAQ:PLUG) Stock Price Up 1.6% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 1.6% on Wednesday . The company traded as high as $2.01 and last traded at $1.95. Approximately 19,108,451 shares traded hands during trading, a decline of 54% from the average daily volume of 41,246,230 shares. The stock had previously closed at $1.92.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Susquehanna reduced their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Piper Sandler dropped their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Craig Hallum cut their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Canaccord Genuity Group decreased 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. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

The business has a 50-day moving average of $2.08 and a 200 day moving average of $2.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market cap of $1.73 billion, a PE ratio of -0.88 and a beta of 1.81.

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

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently modified their holdings of the business. SteelPeak Wealth LLC purchased a new position in Plug Power during the second quarter valued at $26,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Plug Power during the 2nd quarter valued at approximately $26,000. Aire Advisors LLC purchased a new stake in Plug Power in the 2nd quarter worth approximately $28,000. Madison Park Capital Advisors LLC bought a new stake in Plug Power during the 2nd quarter worth approximately $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power during the second quarter valued at approximately $29,000. Institutional investors 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.