Plug Power (PLUG) Shares Gap Up to $1.88

Shares of Plug Power Inc (NASDAQ:PLUG) gapped up before the market opened on Tuesday . The stock had previously closed at $1.81, but opened at $1.88. Plug Power shares last traded at $1.93, with a volume of 4745890 shares.

Several analysts have recently issued reports on PLUG shares. ValuEngine cut Plug Power from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Zacks Investment Research cut Plug Power from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. BidaskClub cut Plug Power from a “sell” rating to a “strong sell” rating in a report on Saturday, October 6th. HC Wainwright set a $4.00 price objective on Plug Power and gave the stock a “buy” rating in a report on Tuesday. Finally, B. Riley set a $4.00 price objective on Plug Power and gave the stock a “buy” rating in a report on Wednesday, August 22nd. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Plug Power currently has an average rating of “Buy” and an average price target of $3.29.

The stock has a market cap of $412.41 million, a price-to-earnings ratio of -3.17 and a beta of 1.08. The company has a debt-to-equity ratio of 4.16, a current ratio of 1.07 and a quick ratio of 0.69.

Plug Power (NASDAQ:PLUG) last released its earnings results on Thursday, August 9th. The electronics maker reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.03). The company had revenue of $39.93 million for the quarter, compared to the consensus estimate of $40.52 million. Plug Power had a negative net margin of 66.16% and a negative return on equity of 108.78%. The business’s revenue for the quarter was up 76.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) EPS. As a group, equities analysts anticipate that Plug Power Inc will post -0.19 earnings per share for the current year.

In other news, insider Gerard L. Conway, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $1.86, for a total transaction of $186,000.00. Following the transaction, the insider now owns 110,519 shares of the company’s stock, valued at approximately $205,565.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory B. Graves sold 31,343 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $1.73, for a total value of $54,223.39. Following the transaction, the director now directly owns 43,296 shares in the company, valued at approximately $74,902.08. The disclosure for this sale can be found here. Insiders own 5.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC bought a new position in Plug Power in the 1st quarter valued at $270,000. Global X Management Co LLC bought a new position in Plug Power in the 2nd quarter valued at $266,000. Odey Asset Management Group Ltd grew its position in Plug Power by 90.3% in the 2nd quarter. Odey Asset Management Group Ltd now owns 4,910,000 shares of the electronics maker’s stock valued at $9,918,000 after acquiring an additional 2,330,000 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in Plug Power by 183.4% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 73,495 shares of the electronics maker’s stock valued at $148,000 after acquiring an additional 47,559 shares during the last quarter. Finally, Nomura Holdings Inc. grew its position in Plug Power by 67.2% in the 2nd quarter. Nomura Holdings Inc. now owns 369,608 shares of the electronics maker’s stock valued at $747,000 after acquiring an additional 148,511 shares during the last quarter. 30.46% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power (NASDAQ:PLUG)

Plug Power Inc, an alternative energy technology provider, engages in the design, development, commercialization, and manufacture of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

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