Plug Power (NASDAQ:PLUG) Trading Up 8.8% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares were up 8.8% on Friday . The stock traded as high as $1.81 and last traded at $1.80. Approximately 60,934,874 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 68,103,344 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PLUG shares. Wells Fargo & Company decreased their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. B. Riley decreased their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday. Canaccord Genuity Group decreased their price objective on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a report on Wednesday. Finally, StockNews.com upgraded Plug Power to a “sell” rating in a research note on Tuesday, March 4th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $2.34.

Plug Power Trading Up 7.9 %

The stock has a market cap of $1.65 billion, a P/E ratio of -0.83 and a beta of 1.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a 50-day moving average price of $2.05 and a 200-day moving average price of $2.10.

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of PLUG. Norges Bank bought a new stake in Plug Power in the 4th quarter worth approximately $146,465,000. Point72 Asset Management L.P. purchased a new position in Plug Power in the 4th quarter worth approximately $10,370,000. Vanguard Group Inc. increased its stake in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after buying an additional 4,491,114 shares during the period. Geode Capital Management LLC increased its stake in shares of Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after buying an additional 3,662,456 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Plug Power during the fourth quarter valued at approximately $6,235,000. Institutional investors own 43.48% of the company’s stock.

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.