Plug Power (NASDAQ:PLUG) Shares Gap Up to $2.89

Plug Power Inc. (NASDAQ:PLUG) gapped up before the market opened on Tuesday . The stock had previously closed at $2.89, but opened at $4.89. Plug Power shares last traded at $4.21, with a volume of 77,994,341 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Susquehanna cut their target price on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Friday, May 10th. Evercore ISI lowered their price target on shares of Plug Power from $9.00 to $6.00 and set an “outperform” rating on the stock in a research report on Monday, March 4th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Tuesday. TD Cowen lowered their price target on shares of Plug Power from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Finally, Citigroup lowered shares of Plug Power from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $3.25 to $2.00 in a research report on Friday, April 5th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.49.

Plug Power Stock Down 0.9 %

The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -1.42 and a beta of 1.64. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The stock’s 50-day moving average price is $3.03 and its 200-day moving average price is $3.77.

Plug Power (NASDAQ:PLUG) last released its earnings results on Friday, March 1st. The electronics maker reported ($1.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The company had revenue of $222.20 million for the quarter, compared to analyst estimates of $234.21 million. During the same quarter in the previous year, the firm earned ($0.38) EPS. The firm’s revenue was up .7% on a year-over-year basis. On average, sell-side analysts expect that Plug Power Inc. will post -1.06 earnings per share for the current year.

Insider Activity at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the completion of the sale, the director now owns 639,572 shares in the company, valued at approximately $1,637,304.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Raymond James & Associates increased its stake in Plug Power by 2.2% during the 3rd quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker’s stock valued at $634,000 after purchasing an additional 1,783 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Plug Power by 25.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 196,558 shares of the electronics maker’s stock worth $1,494,000 after acquiring an additional 40,144 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Plug Power by 2.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,581,758 shares of the electronics maker’s stock worth $12,021,000 after acquiring an additional 30,845 shares in the last quarter. Bourgeon Capital Management LLC bought a new stake in shares of Plug Power in the 3rd quarter worth $1,375,000. Finally, M&T Bank Corp grew its stake in shares of Plug Power by 7.6% in the 3rd quarter. M&T Bank Corp now owns 39,435 shares of the electronics maker’s stock worth $300,000 after acquiring an additional 2,790 shares in the last quarter. 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.