Plug Power (NASDAQ:PLUG) Shares Up 6% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price rose 6% during trading on Wednesday . The stock traded as high as $2.10 and last traded at $2.03. Approximately 34,273,259 shares were traded during trading, a decline of 16% from the average daily volume of 40,748,426 shares. The stock had previously closed at $1.91.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PLUG. Royal Bank of Canada dropped their price target on Plug Power from $3.50 to $2.50 and set a "sector perform" rating for the company in a research report on Monday, August 12th. 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. Craig Hallum cut their target price on Plug Power from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company dropped their price target on 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. Finally, HC Wainwright reissued a "buy" rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $4.75.

Plug Power Stock Performance

The stock's 50 day moving average is $2.06 and its 200 day moving average is $2.41. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -0.95 and a beta of 1.81.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly 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 47.36% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the business posted ($0.47) earnings per share. The business's revenue for the quarter was down 12.6% on a year-over-year basis. Analysts anticipate that Plug Power Inc. will post -1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. HBK Sorce Advisory LLC bought a new position in Plug Power in the first quarter worth approximately $37,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power in the second quarter valued at $26,000. SteelPeak Wealth LLC bought a new stake in shares of Plug Power in the second quarter valued at $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power in the second quarter valued at $28,000. Finally, Madison Park Capital Advisors LLC bought a new stake in shares of Plug Power in the second quarter valued at $29,000. Institutional investors and hedge funds own 43.48% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.