Plug Power (NASDAQ:PLUG) Shares Up 2.4% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) traded up 2.4% on Thursday . The stock traded as high as $2.18 and last traded at $2.13. 10,132,691 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 39,209,316 shares. The stock had previously closed at $2.08.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PLUG. Truist Financial reduced their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Wells Fargo & Company lowered their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Piper Sandler lowered their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Jefferies Financial Group decreased their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, Craig Hallum lowered their price target on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.01.

Plug Power Trading Up 1.4 %

The firm has a market cap of $1.57 billion, a PE ratio of -0.89 and a beta of 1.79. The company’s 50 day moving average price is $2.04 and its two-hundred day moving average price is $2.48. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. During the same quarter in the prior year, the business posted ($0.35) earnings per share. The firm’s quarterly revenue was down 44.9% on a year-over-year basis. As a group, sell-side analysts forecast that Plug Power Inc. will post -1.16 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. PFG Investments LLC grew its stake in shares of Plug Power by 14.0% during the third quarter. PFG Investments LLC now owns 400,585 shares of the electronics maker’s stock worth $905,000 after purchasing an additional 49,059 shares in the last quarter. Arkadios Wealth Advisors increased its holdings in Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after buying an additional 5,075 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Plug Power in the third quarter valued at approximately $54,000. International Assets Investment Management LLC grew its position in shares of Plug Power by 135.7% in the third quarter. International Assets Investment Management LLC now owns 23,201 shares of the electronics maker’s stock valued at $52,000 after purchasing an additional 13,357 shares during the last quarter. Finally, Private Advisor Group LLC boosted its position in Plug Power by 53.2% during the third quarter. Private Advisor Group LLC now owns 65,594 shares of the electronics maker’s stock worth $148,000 after acquiring an additional 22,770 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.