Plug Power (NASDAQ:PLUG) Trading 11.3% Higher – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG)’s share price rose 11.3% during trading on Thursday . The stock traded as high as $2.37 and last traded at $2.37. Approximately 20,049,624 shares traded hands during trading, a decline of 54% from the average daily volume of 43,635,922 shares. The stock had previously closed at $2.13.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PLUG shares. Piper Sandler cut their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Jefferies Financial Group lowered their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Craig Hallum cut their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group dropped their price objective 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 analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

The company’s 50-day moving average is $2.22 and its two-hundred day moving average is $2.23. The company has a market capitalization of $2.40 billion, a P/E ratio of -1.23 and a beta of 1.79. 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 issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same period in the previous year, the company earned ($0.47) EPS. Plug Power’s quarterly revenue was down 12.6% on a year-over-year basis. Equities analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of large investors have recently modified their holdings of the company. Nations Financial Group Inc. IA ADV raised its position in Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 4,700 shares during the period. Arkadios Wealth Advisors increased its holdings in shares of Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after buying an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares during the last quarter. Catalyst Capital Advisors LLC boosted its holdings in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. Finally, Millburn Ridgefield Corp grew its position in Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.