Plug Power (NASDAQ:PLUG) Trading Up 7.8% – Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG) shares rose 7.8% during mid-day trading on Wednesday . The company traded as high as $4.22 and last traded at $4.14. Approximately 108,104,020 shares changed hands during trading, an increase of 21% from the average daily volume of 89,469,539 shares. The stock had previously closed at $3.84.

Analyst Ratings Changes

PLUG has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Plug Power in a research report on Tuesday, March 3rd. Oppenheimer restated a “market perform” rating on shares of Plug Power in a research report on Tuesday, March 3rd. B. Riley Financial raised their target price on shares of Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Susquehanna raised their target price on shares of Plug Power from $2.75 to $3.75 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Finally, BMO Capital Markets raised their target price on shares of Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.42.

Plug Power Trading Up 7.8%

The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89. The company has a fifty day moving average of $2.94 and a two-hundred day moving average of $2.43. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of -3.14 and a beta of 2.06.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. During the same period last year, the company earned ($0.21) earnings per share. The company’s revenue for the quarter was up 22.3% on a year-over-year basis. On average, research analysts expect that Plug Power, Inc. will post -0.26 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Profund Advisors LLC lifted its holdings in Plug Power by 24.4% in the third quarter. Profund Advisors LLC now owns 20,188 shares of the electronics maker’s stock valued at $47,000 after acquiring an additional 3,961 shares during the period. SlateStone Wealth LLC lifted its holdings in Plug Power by 16.0% in the third quarter. SlateStone Wealth LLC now owns 29,077 shares of the electronics maker’s stock valued at $68,000 after acquiring an additional 4,000 shares during the period. Kestra Advisory Services LLC lifted its holdings in Plug Power by 11.8% in the first quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock valued at $97,000 after acquiring an additional 4,525 shares during the period. Signature Estate & Investment Advisors LLC lifted its holdings in Plug Power by 33.4% in the third quarter. Signature Estate & Investment Advisors LLC now owns 18,414 shares of the electronics maker’s stock valued at $43,000 after acquiring an additional 4,615 shares during the period. Finally, Earned Wealth Advisors LLC raised its stake in shares of Plug Power by 12.6% during the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock worth $100,000 after buying an additional 4,923 shares during the last quarter. 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.