Plug Power (NASDAQ:PLUG) Shares Up 7.6%

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 7.6% during trading on Tuesday . The stock traded as high as $2.13 and last traded at $2.12. Approximately 14,499,349 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 38,783,719 shares. The stock had previously closed at $1.97.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Royal Bank of Canada cut their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Craig Hallum dropped their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Susquehanna decreased their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Piper Sandler dropped their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Finally, Canaccord Genuity Group decreased their price target on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.19.

Plug Power Price Performance

The stock has a fifty day moving average of $2.24 and a two-hundred day moving average of $2.73. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -0.87 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same quarter in the previous year, the company posted ($0.35) earnings per share. The company’s quarterly revenue was down 44.9% compared to the same quarter last year. On average, equities research analysts anticipate that Plug Power Inc. will post -1.15 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SteelPeak Wealth LLC acquired a new position in Plug Power during the second quarter worth about $26,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $26,000. Aire Advisors LLC purchased a new stake in Plug Power in the 2nd quarter valued at approximately $28,000. Madison Park Capital Advisors LLC acquired a new stake in Plug Power during the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power during the second quarter worth $29,000. Hedge funds and other institutional investors 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.