Plug Power, Inc. (PLUG) Trading Up -3.6%

Plug Power, Inc. (NASDAQ:PLUG)’s share price was up 3.6% during mid-day trading on Thursday . The company traded as high as $2.38 and last traded at $2.27. Approximately 3,462,604 shares changed hands during trading, a decline of 17% from the average daily volume of 4,160,290 shares. The stock had previously closed at $2.35.

A number of equities analysts have recently issued reports on PLUG shares. Cowen and Company set a $3.00 price objective on Plug Power and gave the stock a “buy” rating in a research report on Thursday, August 10th. HC Wainwright set a $4.00 price objective on Plug Power and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Rodman & Renshaw restated a “buy” rating and set a $4.00 price objective on shares of Plug Power in a research report on Monday, July 24th. Zacks Investment Research upgraded Plug Power from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a report on Friday, July 28th. Finally, ValuEngine upgraded Plug Power from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $2.83.

The company’s 50 day moving average price is $2.17 and its 200 day moving average price is $1.96. The stock’s market capitalization is $505.64 million.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The business had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. During the same period in the previous year, the company earned ($0.04) EPS. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. Equities analysts expect that Plug Power, Inc. will post ($0.32) EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Archford Capital Strategies LLC raised its position in shares of Plug Power by 20,422.2% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock worth $115,000 after acquiring an additional 1,838 shares in the last quarter. Adalta Capital Management LLC bought a new position in shares of Plug Power in the 2nd quarter worth approximately $106,000. California State Teachers Retirement System raised its position in shares of Plug Power by 5.1% in the 2nd quarter. California State Teachers Retirement System now owns 395,969 shares of the electronics maker’s stock worth $808,000 after acquiring an additional 19,300 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Plug Power by 17.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 177,008 shares of the electronics maker’s stock worth $361,000 after acquiring an additional 26,426 shares in the last quarter. Finally, State Street Corp raised its position in shares of Plug Power by 14.6% in the 2nd quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock worth $7,635,000 after acquiring an additional 477,438 shares in the last quarter. 23.79% of the stock is owned by hedge funds and other institutional investors.

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Plug Power Company Profile

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

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