Plug Power (NASDAQ:PLUG) Trading 3.8% Higher Following Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG) rose 3.8% on Tuesday 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 $4.18 and last traded at $4.05. Approximately 196,809,534 shares were traded during mid-day trading, an increase of 110% from the average daily volume of 93,613,570 shares. The stock had previously closed at $3.90.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company upped their price objective on Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a research note on Thursday, August 14th. Evercore ISI raised shares of Plug Power to a “strong sell” rating in a report on Tuesday, July 15th. Jefferies Financial Group raised their price objective on shares of Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a report on Wednesday, July 23rd. BMO Capital Markets lowered their price objective on shares of Plug Power from $1.10 to $1.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 12th. Finally, HC Wainwright increased their target price on shares of Plug Power from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.47.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Heights Capital Management Inc. bought a new stake in Plug Power during the 1st quarter valued at $31,174,000. Legal & General Group Plc grew its position in shares of Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after purchasing an additional 6,364,483 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker’s stock valued at $123,348,000 after purchasing an additional 3,930,342 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Plug Power by 365,934.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock valued at $5,656,000 after purchasing an additional 3,794,740 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Plug Power by 14.9% during the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after purchasing an additional 3,125,542 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Price Performance

The business has a fifty day moving average of $2.13 and a 200-day moving average of $1.50. 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 firm has a market cap of $4.68 billion, a PE ratio of -1.75 and a beta of 2.23.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The company had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. As a group, research analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

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.