Plug Power (NASDAQ:PLUG) Stock Price Up 2.3% – Here’s What Happened

by · The Cerbat Gem

Plug Power, Inc. (NASDAQ:PLUG – Get Free Report)’s share price rose 2.3% during mid-day trading on Wednesday . The stock traded as high as $2.31 and last traded at $2.26. Approximately 93,611,554 shares traded hands during trading, a decline of 3% from the average daily volume of 96,817,664 shares. The stock had previously closed at $2.21.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley reissued an “underweight” rating and issued a $1.50 price objective on shares of Plug Power in a research report on Thursday, October 16th. Susquehanna cut their price target on Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a research note on Monday, November 17th. Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. Finally, Hsbc Global Res upgraded Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.80.

Get Our Latest Stock Analysis on PLUG

Plug Power Trading Up 2.3%

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 company has a market cap of $3.15 billion, a price-to-earnings ratio of -0.95 and a beta of 1.74. The firm has a 50-day moving average price of $2.74 and a 200 day moving average price of $1.95.

Plug Power (NASDAQ:PLUG – Get Free Report) last announced its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.01. The firm had revenue of $177.06 million for the quarter, compared to analysts’ expectations of $185.41 million. Plug Power had a negative return on equity of 105.98% and a negative net margin of 313.69%. As a group, sell-side analysts forecast that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In other news, EVP Benjamin Haycraft sold 10,000 shares of Plug Power stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $2.92, for a total value of $29,200.00. Following the completion of the transaction, the executive vice president directly owned 467,583 shares of the company’s stock, valued at approximately $1,365,342.36. The trade was a 2.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.41% of the company’s stock.

Hedge Funds Weigh In On Plug Power

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

About Plug Power

(Get Free Report)

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.

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