Plug Power (NASDAQ:PLUG) Stock Price Up 16% – What’s Next?

Shares of Plug Power Inc. (NASDAQ:PLUG) shot up 16% during mid-day trading on Monday . The company traded as high as $3.07 and last traded at $3.05. 48,428,552 shares changed hands during trading, a decline of 29% from the average session volume of 67,893,992 shares. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PLUG shares. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Craig Hallum dropped their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group lowered their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Plug Power presently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Down 9.5 %

The company has a market capitalization of $2.43 billion, a P/E ratio of -1.25 and a beta of 1.79. The company has a 50-day moving average of $2.27 and a two-hundred day moving average of $2.24. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue was down 12.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.47) earnings per share. On average, research analysts predict that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PLUG. Profund Advisors LLC purchased a new stake in shares of Plug Power during the second quarter worth about $29,000. Prio Wealth Limited Partnership bought a new stake in Plug Power in the third quarter worth about $29,000. Catalyst Capital Advisors LLC boosted its holdings in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. First Commonwealth Financial Corp PA bought a new position in shares of Plug Power in the third quarter worth about $29,000. Finally, Millburn Ridgefield Corp increased its position in shares of Plug Power by 79.9% during the third 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 period. 43.48% of the stock is currently owned by 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.