Plug Power (NASDAQ:PLUG) Stock Price Up 0.3% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares shot up 0.3% on Wednesday . The company traded as high as $2.00 and last traded at $1.96. 11,891,673 shares were traded during mid-day trading, a decline of 84% from the average session volume of 74,584,891 shares. The stock had previously closed at $1.95.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Wells Fargo & Company dropped their price objective on Plug Power from $3.00 to $2.00 and set an "equal weight" rating on the stock in a report on Thursday, November 14th. Piper Sandler dropped their price target on Plug Power from $1.60 to $1.40 and set an "underweight" rating on the stock in a research note on Thursday, November 14th. Seaport Res Ptn cut Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Craig Hallum decreased their price objective on Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a report on Thursday, November 14th. Finally, Evercore ISI cut their target price on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $4.12.

Plug Power Stock Performance

The stock's 50-day moving average is $2.33 and its 200 day moving average is $2.17. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -0.86 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same period in the prior year, the business earned ($0.47) earnings per share. The firm's quarterly revenue was down 12.6% compared to the same quarter last year. As a group, analysts predict that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power in the fourth quarter valued at about $25,000. Pacific Sage Partners LLC acquired a new position in Plug Power during the fourth quarter worth about $25,000. Jones Financial Companies Lllp increased its holdings in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock valued at $25,000 after buying an additional 6,074 shares in the last quarter. Callan Family Office LLC acquired a new stake in shares of Plug Power during the 4th quarter valued at approximately $27,000. Finally, Prio Wealth Limited Partnership purchased a new stake in shares of Plug Power during the 3rd quarter worth approximately $29,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.