Plug Power (NASDAQ:PLUG) Trading 3.5% Higher – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares were up 3.5% on Monday . The company traded as high as $1.34 and last traded at $1.34. Approximately 22,297,762 shares were traded during trading, a decline of 67% from the average daily volume of 67,415,815 shares. The stock had previously closed at $1.29.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PLUG shares. B. Riley reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Jefferies Financial Group reduced their target price on shares of Plug Power from $1.70 to $0.90 and set a “hold” rating on the stock in a report on Tuesday, May 20th. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Plug Power in a report on Monday, March 24th. Morgan Stanley dropped their price target on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research report on Monday, May 19th. Finally, Piper Sandler dropped their price target on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a research report on Wednesday, May 14th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $1.83.

Plug Power Stock Up 1.9%

The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s 50-day moving average is $0.93 and its 200-day moving average is $1.62. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -0.61 and a beta of 2.17.

Plug Power (NASDAQ:PLUG) last released its earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $133.67 million for the quarter, compared to analyst estimates of $130.92 million. On average, analysts anticipate that Plug Power Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Paul B. Middleton acquired 650,000 shares of the company’s stock in a transaction on Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider now owns 2,558,064 shares of the company’s stock, valued at approximately $2,634,805.92. This represents a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Mariner LLC lifted its stake in shares of Plug Power by 29.7% in the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock valued at $379,000 after buying an additional 40,710 shares in the last quarter. Norges Bank purchased a new stake in Plug Power in the 4th quarter valued at $146,465,000. Wells Fargo & Company MN raised its position in Plug Power by 2.7% in the 4th quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker’s stock valued at $5,720,000 after buying an additional 70,187 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Plug Power in the fourth quarter valued at about $320,000. Finally, Two Sigma Investments LP raised its holdings in shares of Plug Power by 387.7% in the fourth quarter. Two Sigma Investments LP now owns 969,327 shares of the electronics maker’s stock valued at $2,065,000 after purchasing an additional 770,564 shares during 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.