Plug Power (NASDAQ:PLUG) Shares Up 8.9% – Here’s What Happened

Plug Power, Inc. (NASDAQ:PLUG) shares were up 8.9% during mid-day trading on Monday . The company traded as high as $2.39 and last traded at $2.3850. Approximately 47,156,783 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 94,916,188 shares. The stock had previously closed at $2.19.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Cowen cut Plug Power from a “buy” rating to a “hold” rating in a report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Plug Power in a research report on Wednesday, October 8th. Clear Str raised Plug Power from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Canaccord Genuity Group set a $7.00 price target on Plug Power in a research report on Monday, November 24th. Finally, TD Cowen cut Plug Power from a “buy” rating to a “hold” rating and decreased their price target for the stock from $4.00 to $2.00 in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.73.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.70. The company has a market cap of $3.17 billion, a PE ratio of -0.96 and a beta of 1.68. The business has a 50 day moving average of $2.21 and a 200 day moving average of $2.13.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The firm had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. As a group, research analysts predict that Plug Power, Inc. will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In other news, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $2.20, for a total value of $88,000.00. Following the completion of the transaction, the insider owned 373,809 shares in the company, valued at $822,379.80. This trade represents a 9.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jose Luis Crespo purchased 37,300 shares of Plug Power stock in a transaction that occurred on Monday, December 15th. The stock was purchased at an average cost of $2.34 per share, for a total transaction of $87,282.00. Following the completion of the purchase, the insider owned 307,332 shares of the company’s stock, valued at $719,156.88. This trade represents a 13.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently modified their holdings of the business. Kovack Advisors Inc. purchased a new stake in Plug Power in the third quarter worth about $26,000. Sender Co & Partners Inc. purchased a new stake in shares of Plug Power in the 2nd quarter worth approximately $26,000. Yousif Capital Management LLC bought a new position in Plug Power during the 3rd quarter valued at approximately $27,000. Prakash Investment Advisors LLC purchased a new position in Plug Power during the third quarter valued at $27,000. Finally, Procyon Advisors LLC purchased a new position in shares of Plug Power in the 4th quarter worth about $29,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.