Plug Power (NASDAQ:PLUG) Trading 4.3% Higher - Time to Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) were up 4.3% on Tuesday . The stock traded as high as $1.85 and last traded at $1.84. Approximately 28,161,895 shares changed hands during trading, a decline of 59% from the average daily volume of 69,244,188 shares. The stock had previously closed at $1.76.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PLUG shares. HC Wainwright reaffirmed a "buy" rating and set a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Piper Sandler reduced their target price on Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a research note on Thursday, November 14th. StockNews.com raised Plug Power to a "sell" rating in a research note on Monday, February 10th. Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a research note on Thursday, November 14th. Finally, Seaport Res Ptn downgraded Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Plug Power presently has a consensus rating of "Hold" and an average target price of $4.12.

Plug Power Stock Down 5.1 %

The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -0.78 and a beta of 1.79. The business has a 50 day simple moving average of $2.22 and a 200-day simple moving average of $2.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pacific Sage Partners LLC acquired a new stake in shares of Plug Power in the 4th quarter worth $25,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power during the 4th quarter worth about $25,000. Jones Financial Companies Lllp increased its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares during the last quarter. Callan Family Office LLC acquired a new stake in shares of Plug Power during the 4th quarter worth about $27,000. Finally, Ground Swell Capital LLC acquired a new stake in shares of Plug Power during the 4th quarter worth about $27,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.