Plug Power (NASDAQ:PLUG) Trading 5% Higher – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG) shares rose 5% on Friday . The company traded as high as $2.52 and last traded at $2.50. Approximately 9,913,295 shares were traded during trading, a decline of 77% from the average daily volume of 43,404,309 shares. The stock had previously closed at $2.38.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PLUG shares. Evercore ISI decreased their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company lowered their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group reduced their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Down 1.7 %

The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -1.09 and a beta of 1.76. The business’s 50-day moving average is $2.21 and its 200-day moving average is $2.25. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

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

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Geode Capital Management LLC raised its position in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after acquiring an additional 1,051,400 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after acquiring an additional 1,036,777 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Plug Power in the third quarter worth approximately $2,174,000. 43.48% of the stock is owned by hedge funds and other 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.