Plug Power (NASDAQ:PLUG) Trading 6% Higher – Still a Buy?

Plug Power Inc. (NASDAQ:PLUG) traded up 6% on Wednesday . The company traded as high as $2.10 and last traded at $2.03. 34,273,259 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 40,748,426 shares. The stock had previously closed at $1.91.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PLUG shares. Canaccord Genuity Group lowered their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday. Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday. Royal Bank of Canada reduced their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Wells Fargo & Company cut their target price on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Finally, Susquehanna cut their target price 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. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.75.

Plug Power Stock Performance

The company has a market capitalization of $1.78 billion, a PE ratio of -0.95 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The company has a 50 day moving average price of $2.06 and a 200 day moving average price of $2.41.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 47.36%. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.47) earnings per share. Equities analysts forecast that Plug Power Inc. will post -1.16 EPS for the current year.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its position in shares of Plug Power by 13.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 435,166 shares of the electronics maker’s stock valued at $983,000 after acquiring an additional 52,980 shares in the last quarter. Swedbank AB raised its position in shares of Plug Power by 75.0% during the 3rd quarter. Swedbank AB now owns 168,389 shares of the electronics maker’s stock valued at $381,000 after acquiring an additional 72,193 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of Plug Power by 27.7% during the 3rd quarter. Penserra Capital Management LLC now owns 906,515 shares of the electronics maker’s stock valued at $2,048,000 after acquiring an additional 196,722 shares in the last quarter. Cerity Partners LLC raised its position in shares of Plug Power by 100.9% during the 3rd quarter. Cerity Partners LLC now owns 433,869 shares of the electronics maker’s stock valued at $981,000 after acquiring an additional 217,858 shares in the last quarter. Finally, 49 Wealth Management LLC raised its position in shares of Plug Power by 40.6% during the 3rd quarter. 49 Wealth Management LLC now owns 23,346 shares of the electronics maker’s stock valued at $53,000 after acquiring an additional 6,745 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.