Plug Power (NASDAQ:PLUG) Shares Up 0.6% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price shot up 0.6% during trading on Tuesday . The stock traded as high as $3.32 and last traded at $3.17. 48,528,053 shares were traded during mid-day trading, a decline of 45% from the average session volume of 88,000,492 shares. The stock had previously closed at $3.15.

Analysts Set New Price Targets

PLUG has been the subject of a number of research reports. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Evercore ISI decreased their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. Finally, Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company has a market cap of $2.71 billion, a P/E ratio of -1.39 and a beta of 1.79. The business’s fifty day moving average is $2.24 and its 200 day moving average is $2.23. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) 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 $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the business earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently modified their holdings of PLUG. Profund Advisors LLC bought a new stake in Plug Power during the 2nd quarter worth approximately $29,000. Prio Wealth Limited Partnership bought a new stake in Plug Power during the third quarter valued at $29,000. Catalyst Capital Advisors LLC grew its position in Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares in the last quarter. Millburn Ridgefield Corp increased its stake in Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the last quarter. Finally, First Commonwealth Financial Corp PA purchased a new stake in shares of Plug Power in the 3rd quarter valued at about $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.