Plug Power (NASDAQ:PLUG) Stock Price Up 6.6% After Analyst Upgrade

Plug Power, Inc. (NASDAQ:PLUG)’s stock price rose 6.6% on Thursday after Susquehanna raised their price target on the stock from $2.50 to $2.75. Susquehanna currently has a neutral rating on the stock. Plug Power traded as high as $2.84 and last traded at $2.8250. Approximately 45,238,118 shares changed hands during trading, a decline of 50% from the average daily volume of 91,165,078 shares. The stock had previously closed at $2.65.

A number of other research analysts have also weighed in on PLUG. BMO Capital Markets reissued an “underperform” rating and set a $1.00 target price on shares of Plug Power in a report on Tuesday, March 3rd. Wells Fargo & Company boosted their target price on Plug Power from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 4th. Oppenheimer reissued a “market perform” rating on shares of Plug Power in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Plug Power in a report on Thursday, January 22nd. Finally, Clear Str raised Plug Power from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and an average target price of $3.03.

Insider Buying and Selling

In other Plug Power news, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $2.17, for a total value of $86,800.00. Following the transaction, the insider directly owned 333,809 shares of the company’s stock, valued at $724,365.53. This represents a 10.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Plug Power by 12.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock valued at $3,520,000 after buying an additional 297,754 shares in the last quarter. Focus Partners Wealth acquired a new position in Plug Power in the 1st quarter valued at $37,000. JPMorgan Chase & Co. grew its holdings in Plug Power by 6.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,504,744 shares of the electronics maker’s stock valued at $2,242,000 after buying an additional 95,876 shares in the last quarter. Prudential Financial Inc. grew its holdings in Plug Power by 87.2% in the 2nd quarter. Prudential Financial Inc. now owns 111,945 shares of the electronics maker’s stock valued at $167,000 after buying an additional 52,135 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Plug Power by 24.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 73,084 shares of the electronics maker’s stock valued at $109,000 after buying an additional 14,471 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Trading Up 6.2%

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.46 and a current ratio of 2.31. The business has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $2.39. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -2.09 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, March 2nd. The electronics maker reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $225.22 million for the quarter, compared to analyst estimates of $217.38 million. Plug Power had a negative return on equity of 45.97% and a negative net margin of 229.83%.During the same period in the prior year, the firm posted ($1.48) EPS. As a group, research analysts expect that Plug Power, Inc. will post -1.21 EPS for the current year.

About Plug Power

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.