Plug Power (NASDAQ:PLUG) Trading 14% Higher Following Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG)’s stock price shot up 14% during mid-day trading on Monday after Susquehanna raised their price target on the stock from $1.80 to $3.50. Susquehanna currently has a neutral rating on the stock. Plug Power traded as high as $4.07 and last traded at $3.90. 188,061,576 shares changed hands during trading, an increase of 102% from the average session volume of 93,077,039 shares. The stock had previously closed at $3.42.

A number of other research analysts have also issued reports on the company. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a report on Thursday, October 9th. BMO Capital Markets lowered their target price on Plug Power from $1.10 to $1.00 and set an “underperform” rating on the stock in a report on Tuesday, August 12th. Jefferies Financial Group lifted their target price on Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a report on Wednesday, July 23rd. Evercore ISI raised Plug Power to a “strong sell” rating in a report on Tuesday, July 15th. Finally, HSBC set a $4.40 target price on Plug Power in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.47.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently bought and sold shares of the stock. Brave Asset Management Inc. increased its stake in Plug Power by 603.8% in the 2nd quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock worth $209,000 after purchasing an additional 120,450 shares in the last quarter. Baader Bank Aktiengesellschaft boosted its position in Plug Power by 3,034.2% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock worth $973,000 after acquiring an additional 632,117 shares during the period. Vontobel Holding Ltd. boosted its position in Plug Power by 11.9% during the 2nd quarter. Vontobel Holding Ltd. now owns 3,878,389 shares of the electronics maker’s stock worth $5,779,000 after acquiring an additional 412,585 shares during the period. Vanguard Group Inc. boosted its position in Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker’s stock worth $123,348,000 after acquiring an additional 3,930,342 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Plug Power by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,972,199 shares of the electronics maker’s stock worth $9,412,000 after acquiring an additional 418,493 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Price Performance

The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of -1.69 and a beta of 2.23. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The stock has a 50-day simple moving average of $2.08 and a 200 day simple moving average of $1.48.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The business had revenue of $173.97 million for the quarter, compared to analyst estimates of $157.97 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. On average, equities research analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current fiscal year.

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.