Plug Power (NASDAQ:PLUG) Trading Up 8.9% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG)’s stock price traded up 8.9% on Friday . The company traded as high as $2.09 and last traded at $2.1450. 7,137,460 shares were traded during mid-day trading, a decline of 92% from the average session volume of 87,535,040 shares. The stock had previously closed at $1.97.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PLUG. Morgan Stanley restated an “underweight” rating and set a $1.50 price target on shares of Plug Power in a report on Thursday, October 16th. Clear Str upgraded shares of Plug Power from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Hsbc Global Res raised shares of Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. Canaccord Genuity Group set a $7.00 target price on Plug Power in a report on Monday, November 24th. Finally, Wall Street Zen downgraded Plug Power from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.80.

Plug Power Stock Performance

The stock has a fifty day moving average price of $2.27 and a 200 day moving average price of $2.07. 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 firm has a market cap of $3.14 billion, a price-to-earnings ratio of -0.95 and a beta of 1.68.

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 the consensus estimate 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 net margin of 313.69% and a negative return on equity of 105.98%. As a group, analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Activity

In other Plug Power news, insider Jose Luis Crespo acquired 37,300 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were acquired at an average cost of $2.34 per share, for a total transaction of $87,282.00. Following the completion of the purchase, the insider owned 307,332 shares of the company’s stock, valued at approximately $719,156.88. This trade represents a 13.81% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Benjamin Haycraft sold 40,000 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $2.20, for a total value of $88,000.00. Following the transaction, the insider directly owned 373,809 shares of the company’s stock, valued at $822,379.80. This represents a 9.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 60,000 shares of company stock worth $155,200. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Two Sigma Investments LP increased its position in Plug Power by 292.1% during the third quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock worth $25,236,000 after acquiring an additional 8,068,713 shares during the period. Vanguard Group Inc. boosted its holdings in Plug Power by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock valued at $255,442,000 after purchasing an additional 7,789,039 shares during the period. Legal & General Group Plc grew its position in Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock worth $25,301,000 after purchasing an additional 6,364,483 shares during the last quarter. Electron Capital Partners LLC bought a new position in shares of Plug Power during the 3rd quarter worth about $10,663,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Plug Power by 365,934.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock worth $5,656,000 after purchasing an additional 3,794,740 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.