Plug Power (NASDAQ:PLUG) Shares Gap Up to $2.49

Plug Power Inc. (NASDAQ:PLUG) gapped up prior to trading on Tuesday . The stock had previously closed at $2.49, but opened at $2.59. Plug Power shares last traded at $2.71, with a volume of 9,638,997 shares changing hands.

Analyst Upgrades and Downgrades

PLUG has been the topic of several recent analyst reports. Roth Mkm raised shares of Plug Power from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.50 to $9.00 in a research note on Wednesday, January 31st. HSBC reduced their price target on shares of Plug Power from $9.00 to $8.50 and set a “buy” rating for the company in a report on Tuesday, March 5th. Truist Financial boosted their price objective on shares of Plug Power from $3.00 to $4.00 and gave the company a “hold” rating in a research report on Wednesday, February 28th. Redburn Atlantic assumed coverage on Plug Power in a report on Tuesday, February 6th. They set a “neutral” rating and a $4.50 target price for the company. Finally, B. Riley cut their price target on Plug Power from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $6.05.

Plug Power Trading Up 6.0 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.86 and a current ratio of 1.85. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -1.18 and a beta of 1.54. The business has a fifty day simple moving average of $3.38 and a 200 day simple moving average of $4.24.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The business had revenue of $222.20 million for the quarter, compared to the consensus estimate of $234.21 million. Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. Plug Power’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.38) earnings per share. As a group, research analysts expect that Plug Power Inc. will post -0.94 EPS for the current year.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its position in Plug Power by 183.6% during the fourth quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock valued at $7,453,000 after purchasing an additional 1,072,344 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in shares of Plug Power by 78.5% during the third quarter. UniSuper Management Pty Ltd now owns 2,064,304 shares of the electronics maker’s stock worth $15,689,000 after buying an additional 907,604 shares during the last quarter. Gabelli Funds LLC lifted its stake in shares of Plug Power by 9.4% in the 3rd quarter. Gabelli Funds LLC now owns 87,500 shares of the electronics maker’s stock valued at $665,000 after acquiring an additional 7,500 shares during the last quarter. Compagnie Lombard Odier SCmA boosted its holdings in shares of Plug Power by 21.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 36,250 shares of the electronics maker’s stock valued at $163,000 after acquiring an additional 6,300 shares in the last quarter. Finally, New York Life Investment Management LLC raised its position in Plug Power by 109.7% in the third quarter. New York Life Investment Management LLC now owns 58,895 shares of the electronics maker’s stock valued at $448,000 after purchasing an additional 30,807 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.