Plug Power (NASDAQ:PLUG) Trading Up 1.1% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) were up 1.1% on Friday . The stock traded as high as $0.80 and last traded at $0.81. Approximately 43,621,580 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 60,522,655 shares. The stock had previously closed at $0.80.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PLUG shares. Roth Capital reaffirmed a “buy” rating on shares of Plug Power in a report on Tuesday, May 13th. Piper Sandler decreased their price target on Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a report on Wednesday, May 14th. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Jefferies Financial Group dropped their price objective on Plug Power from $1.70 to $0.90 and set a “hold” rating for the company in a report on Tuesday, May 20th. Finally, BMO Capital Markets reduced their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $1.83.

Plug Power Trading Down 2.5%

The company has a market capitalization of $841.11 million, a P/E ratio of -0.36 and a beta of 2.19. 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 business’s 50-day moving average price is $1.04 and its two-hundred day moving average price is $1.72.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. As a group, analysts forecast that Plug Power Inc. will post -1.21 EPS for the current fiscal year.

Insider Activity at Plug Power

In related news, CFO Paul B. Middleton purchased 350,000 shares of the business’s stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $0.72 per share, with a total value of $252,000.00. Following the completion of the purchase, the chief financial officer now owns 1,908,064 shares in the company, valued at $1,373,806.08. This represents a 22.46% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacific Sage Partners LLC acquired a new position in Plug Power in the 4th quarter worth $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power during the fourth quarter worth about $25,000. Jones Financial Companies Lllp boosted its position in shares of Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after buying an additional 6,074 shares during the period. Miracle Mile Advisors LLC bought a new position in shares of Plug Power during the first quarter worth about $26,000. Finally, Callan Family Office LLC acquired a new stake in Plug Power in the 4th quarter valued at approximately $27,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.