Plug Power (NASDAQ:PLUG) Shares Up 8.3% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares traded up 8.3% during mid-day trading on Tuesday . The stock traded as high as $1.99 and last traded at $2.02. 25,452,631 shares traded hands during trading, a decline of 66% from the average session volume of 75,052,266 shares. The stock had previously closed at $1.86.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PLUG. Susquehanna lifted their price objective on Plug Power from $2.00 to $2.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. StockNews.com raised shares of Plug Power to a "sell" rating in a research note on Wednesday, January 22nd. Seaport Res Ptn lowered shares of Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Evercore ISI cut their price target on Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 13th. Finally, 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 research note on Wednesday, November 13th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $4.12.

Plug Power Trading Down 3.7 %

The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -0.86 and a beta of 1.79. 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 business's fifty day moving average is $2.33 and its 200 day moving average is $2.17.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data 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 46.99% 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 prior year, the company earned ($0.47) earnings per share. The firm's quarterly revenue was down 12.6% on a year-over-year basis. Equities analysts predict that Plug Power Inc. will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker's stock valued at $43,388,000 after purchasing an additional 3,662,456 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker's stock valued at $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker's stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. XTX Topco Ltd acquired a new position in shares of Plug Power during the 3rd quarter worth approximately $2,174,000. Finally, Van ECK Associates Corp raised its stake 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 during the period. 43.48% of the stock is currently owned by institutional investors.

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.