Plug Power (NASDAQ:PLUG) Shares Gap Up - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $2.66, but opened at $2.86. Plug Power shares last traded at $2.88, with a volume of 17,330,204 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. BTIG Research lowered shares of Plug Power from a "buy" rating to a "neutral" rating in a research report on Thursday, November 14th. Craig Hallum decreased their target price 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. HC Wainwright reissued a "buy" rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a "hold" rating for the company in a report on Wednesday, November 13th. Finally, Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a report on Thursday, October 3rd. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $4.52.

Plug Power Stock Performance

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.47 billion, a PE ratio of -1.27 and a beta of 1.79. The firm has a 50 day moving average price of $2.30 and a 200-day moving average price of $2.24.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts' expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business's quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.47) earnings per share. Research analysts expect that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Profund Advisors LLC purchased a new position in Plug Power during the second quarter valued at approximately $29,000. Prio Wealth Limited Partnership purchased a new position in shares of Plug Power during the 3rd quarter valued at approximately $29,000. Catalyst Capital Advisors LLC boosted its holdings 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 grew its position in Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker's stock valued at $29,000 after buying an additional 5,631 shares during the period. Finally, First Commonwealth Financial Corp PA purchased a new position in Plug Power in the third quarter valued at $29,000. 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.