Plug Power (NASDAQ:PLUG) Shares Up 3.2% – Should You Buy?

Plug Power, Inc. (NASDAQ:PLUG) traded up 3.2% during trading on Tuesday . The company traded as high as $2.34 and last traded at $2.29. 96,272,466 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 96,897,727 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PLUG. Canaccord Genuity Group set a $7.00 price target on shares of Plug Power in a research report on Monday, November 24th. HSBC set a $4.40 target price on shares of Plug Power in a report on Thursday, October 9th. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.50 price target on shares of Plug Power in a report on Thursday, October 16th. Susquehanna reduced their price objective on Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a research note on Monday, November 17th. Finally, Wall Street Zen cut Plug Power from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.80.

Plug Power Price Performance

The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average price of $2.65 and a 200 day moving average price of $1.99. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -0.97 and a beta of 1.74.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%.The company had revenue of $177.06 million during the quarter, compared to analysts’ expectations of $185.41 million. As a group, equities research analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin Haycraft sold 40,000 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $2.20, for a total transaction of $88,000.00. Following the transaction, the insider owned 373,809 shares in the company, valued at $822,379.80. This trade represents a 9.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 60,000 shares of company stock worth $155,200. Company insiders own 1.41% of the company’s stock.

Hedge Funds Weigh In On Plug Power

Large investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC grew its holdings in Plug Power by 24.4% in the 3rd quarter. Profund Advisors LLC now owns 20,188 shares of the electronics maker’s stock valued at $47,000 after buying an additional 3,961 shares in the last quarter. SlateStone Wealth LLC boosted its position in shares of Plug Power by 16.0% during the 3rd quarter. SlateStone Wealth LLC now owns 29,077 shares of the electronics maker’s stock valued at $68,000 after acquiring an additional 4,000 shares during the last quarter. Signature Estate & Investment Advisors LLC grew its holdings in shares of Plug Power by 33.4% in the third quarter. Signature Estate & Investment Advisors LLC now owns 18,414 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 4,615 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Plug Power by 10.6% in the third quarter. Mackenzie Financial Corp now owns 58,098 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 5,584 shares during the period. Finally, QRG Capital Management Inc. increased its position in Plug Power by 31.8% during the second quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker’s stock worth $37,000 after purchasing an additional 6,039 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.