Plug Power (NASDAQ:PLUG) Shares Gap Up – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) gapped up before the market opened on Wednesday . The stock had previously closed at $2.66, but opened at $2.86. Plug Power shares last traded at $2.88, with a volume of 17,330,204 shares.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PLUG. Evercore ISI lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Wells Fargo & Company lowered their target price on shares of 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 downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Jefferies Financial Group lowered their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Up 4.1 %

The firm has a market cap of $2.52 billion, a P/E ratio of -1.29 and a beta of 1.79. The firm’s fifty day moving average is $2.30 and its two-hundred day moving average is $2.24. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business’s revenue was down 12.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.47) EPS. Analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds have recently modified their holdings of the business. Profund Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at $29,000. Prio Wealth Limited Partnership bought a new stake in shares of Plug Power during the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC boosted its stake in Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares in the last quarter. First Commonwealth Financial Corp PA bought a new position in Plug Power in the 3rd quarter worth about $29,000. Finally, Millburn Ridgefield Corp boosted its stake in Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares in the last quarter. Institutional investors 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.