Plug Power (NASDAQ:PLUG) Trading 9.7% Higher - Still a Buy?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares were up 9.7% during mid-day trading on Friday . The stock traded as high as $2.16 and last traded at $2.15. Approximately 14,510,395 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 39,313,074 shares. The stock had previously closed at $1.96.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PLUG shares. Piper Sandler decreased their price target on Plug Power from $2.50 to $2.40 and set an "underweight" rating on the stock in a research note on Monday, July 22nd. Craig Hallum decreased their price target on Plug Power from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company decreased their price target on Plug Power from $4.00 to $3.00 and set an "equal weight" rating on the stock in a research note on Friday, August 9th. Canaccord Genuity Group decreased their price target on Plug Power from $3.00 to $2.50 and set a "hold" rating on the stock in a research note on Monday, August 12th. Finally, Jefferies Financial Group reduced their price objective 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 investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Plug Power currently has an average rating of "Hold" and a consensus target price of $5.01.

Plug Power Stock Up 6.6 %

The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -0.89 and a beta of 1.79. The firm has a 50 day moving average of $2.03 and a 200 day moving average of $2.43. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate 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 company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period last year, the business earned ($0.35) EPS. The business's quarterly revenue was down 44.9% compared to the same quarter last year. As a group, sell-side analysts predict that Plug Power Inc. will post -1.16 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker's stock worth $189,153,000 after purchasing an additional 999,194 shares in the last quarter. Van ECK Associates Corp lifted its position in Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker's stock valued at $8,803,000 after acquiring an additional 809,187 shares in the last quarter. Vontobel Holding Ltd. lifted its position in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker's stock valued at $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Swedbank AB bought a new position in Plug Power in the 1st quarter valued at about $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Plug Power by 5.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker's stock valued at $10,022,000 after acquiring an additional 150,088 shares in the last quarter. Institutional investors 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.