Plug Power (NASDAQ:PLUG) Shares Up 4.4% – Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG) shares rose 4.4% during mid-day trading on Thursday . The stock traded as high as $2.39 and last traded at $2.36. Approximately 100,096,228 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 96,815,563 shares. The stock had previously closed at $2.26.

Analysts Set New Price Targets

PLUG has been the topic of a number of research reports. Hsbc Global Res upgraded Plug Power to a “strong-buy” rating in a report on Thursday, October 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Plug Power in a research report on Monday, November 24th. Morgan Stanley restated an “underweight” rating and issued a $1.50 target price on shares of Plug Power in a research note on Thursday, October 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. Finally, Canaccord Genuity Group set a $7.00 price objective on shares of Plug Power in a research report on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2.80.

Plug Power Trading Up 4.4%

The company has a market cap of $3.29 billion, a P/E ratio of -1.00 and a beta of 1.74. The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The business has a 50 day moving average price of $2.72 and a 200-day moving average price of $1.95.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The business had revenue of $177.06 million during the quarter, compared to analysts’ expectations of $185.41 million. Analysts forecast that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Plug Power

In related news, EVP Benjamin Haycraft sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the completion of the sale, the executive vice president directly owned 467,583 shares in the company, valued at approximately $1,365,342.36. This trade represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.41% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PLUG. Swiss Life Asset Management Ltd raised its stake in Plug Power by 81.4% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 42,269 shares of the electronics maker’s stock valued at $98,000 after acquiring an additional 18,964 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Plug Power in the third quarter valued at about $271,000. Abel Hall LLC lifted its stake in shares of Plug Power by 31.7% during the 3rd quarter. Abel Hall LLC now owns 26,491 shares of the electronics maker’s stock worth $62,000 after buying an additional 6,381 shares during the last quarter. Kestra Private Wealth Services LLC acquired a new stake in shares of Plug Power during the 3rd quarter worth about $32,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of Plug Power by 77.3% during the 3rd quarter. NewEdge Advisors LLC now owns 52,083 shares of the electronics maker’s stock worth $121,000 after buying an additional 22,714 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.