Plug Power (NASDAQ:PLUG) Trading 8.4% Higher – What’s Next?

Shares of Plug Power, Inc. (NASDAQ:PLUG) shot up 8.4% on Tuesday . The stock traded as high as $2.19 and last traded at $2.2650. 65,809,294 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 95,747,688 shares. The stock had previously closed at $2.09.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of analyst reports. Canaccord Genuity Group upped their price target on Plug Power from $1.25 to $2.50 and gave the company a “hold” rating in a research report on Tuesday, November 11th. HC Wainwright upped their price objective on shares of Plug Power from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Susquehanna cut their target price on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a research note on Monday. BMO Capital Markets reduced their target price on Plug Power from $1.10 to $1.00 and set an “underperform” rating on the stock in a report on Tuesday, August 12th. Finally, HSBC set a $4.40 price target on Plug Power in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.42.

Plug Power Stock Performance

The stock has a market cap of $2.60 billion, a P/E ratio of -0.98 and a beta of 2.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. The stock’s 50 day simple moving average is $2.73 and its two-hundred day simple moving average is $1.81.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. The business had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. Plug Power has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In related news, EVP Benjamin Haycraft sold 10,000 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $2.92, for a total transaction of $29,200.00. Following the completion of the transaction, the executive vice president owned 467,583 shares in the company, valued at approximately $1,365,342.36. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Plug Power

Large investors have recently modified their holdings of the business. Brave Asset Management Inc. grew its stake in Plug Power by 603.8% in the second quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock valued at $209,000 after purchasing an additional 120,450 shares in the last quarter. Baader Bank Aktiengesellschaft increased its holdings in Plug Power by 3,034.2% during the second quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock worth $973,000 after buying an additional 632,117 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Plug Power by 365,934.4% during the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock worth $5,656,000 after buying an additional 3,794,740 shares during the last quarter. Vontobel Holding Ltd. grew its position in shares of Plug Power by 11.9% in the 2nd quarter. Vontobel Holding Ltd. now owns 3,878,389 shares of the electronics maker’s stock valued at $5,779,000 after acquiring an additional 412,585 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker’s stock valued at $123,348,000 after acquiring an additional 3,930,342 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.