Plug Power (NASDAQ:PLUG) Shares Up 0.8%

Plug Power Inc. (NASDAQ:PLUG) shares shot up 0.8% during trading on Friday . The stock traded as high as $1.99 and last traded at $1.96. 5,029,565 shares traded hands during trading, a decline of 87% from the average session volume of 39,244,699 shares. The stock had previously closed at $1.94.

Wall Street Analysts Forecast Growth

Several research firms have commented on PLUG. Piper Sandler reduced their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Canaccord Genuity Group reduced their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Craig Hallum cut their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Tuesday, May 14th. Finally, Truist Financial cut their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.19.

Plug Power Trading Down 3.1 %

The stock has a 50-day simple moving average of $2.38 and a 200 day simple moving average of $2.87. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -0.78 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period in the prior year, the firm posted ($0.35) EPS. The business’s revenue was down 44.9% compared to the same quarter last year. As a group, equities research analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after buying an additional 999,194 shares during the period. Norges Bank acquired a new position in shares of Plug Power in the 4th quarter valued at about $97,800,000. Pinnacle Associates Ltd. lifted its holdings in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after buying an additional 1,105,813 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Plug Power by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after buying an additional 923,579 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Plug Power by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after buying an additional 102,095 shares during the period. 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.