Plug Power (NASDAQ:PLUG) Trading 3.4% Higher – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 3.4% during mid-day trading on Wednesday . The stock traded as high as $2.92 and last traded at $2.75. Approximately 33,647,093 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 77,443,867 shares. The stock had previously closed at $2.66.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PLUG. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI cut their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Susquehanna increased their price objective on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Thursday. Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Piper Sandler decreased their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Plug Power presently has a consensus rating of “Hold” and an average price target of $4.55.

Plug Power Stock Down 10.9 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm’s fifty day moving average price is $2.33 and its two-hundred day moving average price is $2.25. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the company posted ($0.47) EPS. The firm’s revenue was down 12.6% on a year-over-year basis. Sell-side analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Commonwealth Equity Services LLC boosted its position in shares of Plug Power by 8.9% during the second quarter. Commonwealth Equity Services LLC now owns 356,973 shares of the electronics maker’s stock valued at $832,000 after buying an additional 29,134 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Plug Power by 8.6% during the 2nd quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after acquiring an additional 7,014 shares during the last quarter. Choreo LLC bought a new stake in shares of Plug Power in the 2nd quarter worth $65,000. American Century Companies Inc. grew its stake in shares of Plug Power by 16.2% in the 2nd quarter. American Century Companies Inc. now owns 572,938 shares of the electronics maker’s stock worth $1,335,000 after acquiring an additional 79,802 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Plug Power by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,109,530 shares of the electronics maker’s stock valued at $2,588,000 after purchasing an additional 187,205 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

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.