Plug Power (NASDAQ:PLUG) Stock Price Up 11.3% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 11.3% during trading on Thursday . The company traded as high as $2.37 and last traded at $2.37. Approximately 20,049,624 shares traded hands during trading, a decline of 54% from the average daily volume of 43,635,922 shares. The stock had previously closed at $2.13.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLUG. Craig Hallum cut their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Wells Fargo & Company cut their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Jefferies Financial Group lowered their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Finally, Piper Sandler reduced their price objective 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. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

The company’s 50-day moving average price is $2.21 and its 200-day moving average price is $2.23. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -1.12 and a beta of 1.76.

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

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Profund Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter valued at about $29,000. Prio Wealth Limited Partnership acquired a new position in shares of Plug Power in the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC raised its position in Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the last quarter. First Commonwealth Financial Corp PA purchased a new position in shares of Plug Power during the third quarter worth about $29,000. Finally, Millburn Ridgefield Corp lifted its position in Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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.