Plug Power (NASDAQ:PLUG) Shares Up 1.7% – Here’s Why

Plug Power, Inc. (NASDAQ:PLUG) rose 1.7% during trading on Wednesday . The stock traded as high as $2.14 and last traded at $2.0850. Approximately 47,453,368 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 96,811,031 shares. The stock had previously closed at $2.05.

Analysts Set New Price Targets

PLUG has been the subject of several recent research reports. Canaccord Genuity Group set a $7.00 price objective on shares of Plug Power in a research report on Monday, November 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. Morgan Stanley reaffirmed an “underweight” rating and set a $1.50 price target on shares of Plug Power in a research report on Thursday, October 16th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Plug Power in a research report on Monday, November 24th. Finally, Wall Street Zen cut Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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 market cap of $2.90 billion, a PE ratio of -0.88 and a beta of 1.74. The company’s 50 day moving average is $2.45 and its 200-day moving average is $2.04.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $185.41 million. As a group, sell-side analysts predict that Plug Power, Inc. will post -1.21 earnings per share for the current year.

Insider Buying and Selling

In other Plug Power news, insider Jose Luis Crespo acquired 37,300 shares of the company’s stock in a transaction on Monday, December 15th. The shares were bought at an average cost of $2.34 per share, for a total transaction of $87,282.00. Following the acquisition, the insider directly owned 307,332 shares of the company’s stock, valued at $719,156.88. This trade represents a 13.81% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total value of $88,000.00. Following the completion of the transaction, the insider directly owned 373,809 shares in the company, valued at approximately $822,379.80. The trade was a 9.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 60,000 shares of company stock valued at $155,200. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PLUG. Swiss Life Asset Management Ltd increased its position in shares of Plug Power by 81.4% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 42,269 shares of the electronics maker’s stock worth $98,000 after purchasing an additional 18,964 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Plug Power during the third quarter worth about $271,000. Abel Hall LLC increased its holdings in Plug Power by 31.7% in the third quarter. Abel Hall LLC now owns 26,491 shares of the electronics maker’s stock valued at $62,000 after buying an additional 6,381 shares during the last quarter. Kestra Private Wealth Services LLC acquired a new stake in Plug Power during the third quarter valued at approximately $32,000. Finally, NewEdge Advisors LLC raised its stake in Plug Power by 77.3% during the third quarter. NewEdge Advisors LLC now owns 52,083 shares of the electronics maker’s stock valued at $121,000 after buying an additional 22,714 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.