Plug Power (NASDAQ:PLUG) Trading Up 6.6% on Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG)’s share price was up 6.6% on Thursday after Susquehanna raised their price target on the stock from $2.50 to $2.75. Susquehanna currently has a neutral rating on the stock. Plug Power traded as high as $2.84 and last traded at $2.8250. Approximately 45,238,118 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 91,165,078 shares. The stock had previously closed at $2.65.

PLUG has been the topic of a number of other research reports. Wells Fargo & Company raised their target price on shares of Plug Power from $1.50 to $2.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 4th. TD Cowen lowered shares of Plug Power from a “buy” rating to a “hold” rating in a research report on Friday, January 9th. Clear Str upgraded shares of Plug Power from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Jefferies Financial Group dropped their price target on shares of Plug Power from $2.00 to $1.80 and set a “hold” rating for the company in a research note on Monday, March 9th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and set a $1.00 price target on shares of Plug Power in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.03.

Insider Transactions at Plug Power

In related news, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $2.17, for a total transaction of $86,800.00. Following the completion of the transaction, the insider directly owned 333,809 shares of the company’s stock, valued at $724,365.53. This trade represents a 10.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Kovack Advisors Inc. bought a new position in Plug Power during the 3rd quarter worth $26,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in Plug Power by 116.7% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after purchasing an additional 7,000 shares during the last quarter. Sender Co & Partners Inc. bought a new position in Plug Power during the second quarter worth $26,000. Yousif Capital Management LLC bought a new position in Plug Power during the third quarter worth $27,000. Finally, Prakash Investment Advisors LLC bought a new position in Plug Power during the third quarter worth $27,000. 43.48% of the stock is owned by institutional investors.

Plug Power Price Performance

The business’s 50 day moving average is $2.15 and its two-hundred day moving average is $2.39. The firm has a market cap of $3.82 billion, a P/E ratio of -2.03 and a beta of 1.79. The company has a quick ratio of 1.46, a current ratio of 2.31 and a debt-to-equity ratio of 0.64.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, March 2nd. The electronics maker reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Plug Power had a negative net margin of 229.83% and a negative return on equity of 45.97%. The business had revenue of $225.22 million during the quarter, compared to the consensus estimate of $217.38 million. During the same quarter last year, the firm earned ($1.48) earnings per share. As a group, analysts anticipate that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.