Plug Power (NASDAQ:PLUG) Trading 3.4% Higher – Should You Buy?

Shares of Plug Power Inc. (NASDAQ:PLUG) were up 3.4% during mid-day trading on Friday . The stock traded as high as $2.18 and last traded at $2.13. Approximately 8,359,303 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 39,266,738 shares. The stock had previously closed at $2.06.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Susquehanna reduced their price target on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. B. Riley upgraded Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Wells Fargo & Company dropped their price target on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Royal Bank of Canada reduced their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Finally, Canaccord Genuity Group dropped their target price on shares of Plug Power from $3.00 to $2.50 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.com, Plug Power has a consensus rating of “Hold” and an average price target of $5.01.

Plug Power Trading Up 4.4 %

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 firm has a market cap of $1.60 billion, a P/E ratio of -0.90 and a beta of 1.79. The business’s fifty day moving average is $2.06 and its 200-day moving average is $2.59.

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

Hedge Funds Weigh In On Plug Power

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Treasurer of the State of North Carolina raised its holdings in Plug Power by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after purchasing an additional 2,280 shares during the last quarter. Rafferty Asset Management LLC raised its stake in Plug Power by 69.5% during the fourth quarter. Rafferty Asset Management LLC now owns 359,537 shares of the electronics maker’s stock worth $1,618,000 after buying an additional 147,435 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in Plug Power by 120.8% in the fourth quarter. 1832 Asset Management L.P. now owns 34,000 shares of the electronics maker’s stock valued at $153,000 after buying an additional 18,600 shares during the period. Gabelli Funds LLC lifted its holdings in Plug Power by 100.0% in the fourth quarter. Gabelli Funds LLC now owns 175,000 shares of the electronics maker’s stock valued at $788,000 after buying an additional 87,500 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in Plug Power during the fourth quarter valued at $5,133,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.