Plug Power (NASDAQ:PLUG) Shares Up 1.8% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) was up 1.8% during mid-day trading on Tuesday . The company traded as high as $2.04 and last traded at $2.03. Approximately 13,564,652 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 41,186,891 shares. The stock had previously closed at $1.99.

Wall Street Analysts Forecast Growth

PLUG has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their target price 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. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Jefferies Financial Group lowered their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Piper Sandler cut their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group lowered their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The stock has a 50 day moving average of $2.08 and a 200-day moving average of $2.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.47) earnings per share. Analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in PLUG. Pitcairn Co. raised its stake in shares of Plug Power by 27.1% during the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after buying an additional 4,169 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 4,700 shares during the period. Arkadios Wealth Advisors grew its stake in shares of Plug Power by 18.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after purchasing an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its stake in shares of Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the period. 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.