Plug Power (NASDAQ:PLUG) Stock Price Up 0.5% - Should You Buy?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price rose 0.5% on Thursday . The company traded as high as $1.96 and last traded at $1.93. Approximately 12,205,369 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 41,327,363 shares. The stock had previously closed at $1.92.

Wall Street Analysts Forecast Growth

PLUG has been the topic of several analyst reports. Evercore ISI dropped their price target on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 13th. Royal Bank of Canada decreased their price objective on shares of Plug Power from $3.50 to $2.50 and set a "sector perform" rating on the stock in a report on Monday, August 12th. Craig Hallum reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. Piper Sandler dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group cut their price target on 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 given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $4.52.

Plug Power Price Performance

The company has a market cap of $1.74 billion, a price-to-earnings ratio of -0.90 and a beta of 1.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company has a 50-day simple moving average of $2.08 and a 200-day simple moving average of $2.39.

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 analysts' consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analyst estimates 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 revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. As a group, research analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SteelPeak Wealth LLC purchased a new position in shares of Plug Power during the 2nd quarter worth $26,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power during the 2nd quarter worth $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter worth $28,000. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter worth $29,000. Finally, Profund Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter worth $29,000. Hedge funds and other institutional investors 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.