Plug Power (NASDAQ:PLUG) Shares Gap Up – Should You Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) gapped up prior to trading on Monday . The stock had previously closed at $2.24, but opened at $2.33. Plug Power shares last traded at $2.30, with a volume of 7,677,687 shares changing hands.

Analyst Ratings Changes

PLUG has been the topic of several analyst reports. Wells Fargo & Company lowered their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. B. Riley raised Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Piper Sandler decreased their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Susquehanna decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Finally, Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.01.

Plug Power Stock Up 2.2 %

The business’s fifty day simple moving average is $2.03 and its 200 day simple moving average is $2.50. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -0.95 and a beta of 1.79. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The company had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period last year, the firm earned ($0.35) earnings per share. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. Equities analysts forecast that Plug Power Inc. will post -1.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PLUG. Vontobel Holding Ltd. lifted its stake in Plug Power by 44.3% in 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. State Board of Administration of Florida Retirement System boosted its holdings in shares of Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after acquiring an additional 33,311 shares during the period. Gabelli Funds LLC boosted its holdings in shares of Plug Power by 42.9% during the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after acquiring an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Plug Power by 25.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after purchasing an additional 400,120 shares during the last quarter. Finally, Diversified Trust Co bought a new position in shares of Plug Power during the second quarter worth approximately $35,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.