Plug Power (NASDAQ:PLUG) Trading 3.4% Higher - Here's What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) rose 3.4% during trading on Friday . The stock traded as high as $2.13 and last traded at $2.11. Approximately 9,996,275 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 39,012,508 shares. The stock had previously closed at $2.04.

Analysts Set New Price Targets

PLUG has been the subject of several recent analyst reports. Jefferies Financial Group lowered their target price on shares of Plug Power from $2.20 to $2.00 and set a "hold" rating for the company in a research note on Thursday, October 3rd. Wells Fargo & Company lowered their target price on shares of Plug Power from $4.00 to $3.00 and set an "equal weight" rating for the company in a research note on Friday, August 9th. Truist Financial lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a "hold" rating for the company in a research note on Monday, August 12th. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a "neutral" rating for the company in a research note on Monday, August 12th. Finally, Canaccord Genuity Group lowered their price objective on shares of Plug Power from $3.00 to $2.50 and set a "hold" rating for the company in a research note on Monday, August 12th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Plug Power currently has a consensus rating of "Hold" and a consensus price target of $5.01.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -0.95 and a beta of 1.79. The business's fifty day simple moving average is $2.03 and its 200 day simple moving average is $2.50.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The business's quarterly revenue was down 44.9% compared to the same quarter last year. Research analysts predict that Plug Power Inc. will post -1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in PLUG. Pitcairn Co. raised its stake in shares of Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker's stock valued at $67,000 after purchasing an additional 4,169 shares in the last quarter. Cetera Advisors LLC raised its stake in shares of Plug Power by 33.0% in the 1st quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker's stock valued at $95,000 after purchasing an additional 6,885 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Plug Power by 11.0% in the 1st quarter. Advisors Asset Management Inc. now owns 70,442 shares of the electronics maker's stock valued at $242,000 after purchasing an additional 7,006 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Plug Power by 8.6% in the 2nd quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker's stock valued at $205,000 after purchasing an additional 7,014 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Plug Power by 0.8% in the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker's stock valued at $3,701,000 after purchasing an additional 8,300 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

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.