Canaccord Genuity Group Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.25

by · The Markets Daily

Plug Power (NASDAQ:PLUG – Free Report) had its target price cut by Canaccord Genuity Group from $2.50 to $2.25 in a research note published on Wednesday,Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

A number of other research analysts have also recently issued reports on PLUG. Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Piper Sandler cut their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Jefferies Financial Group decreased their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday. Finally, Royal Bank of Canada dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.52.

Get Our Latest Analysis on PLUG

Plug Power Price Performance

NASDAQ PLUG opened at $1.87 on Wednesday. The firm’s fifty day simple moving average is $2.08 and its two-hundred day simple moving average is $2.40. The firm has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. Plug Power has a 12-month low of $1.60 and a 12-month high of $5.14.

Plug Power (NASDAQ:PLUG – Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the business posted ($0.47) earnings per share. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. Analysts forecast that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vontobel Holding Ltd. raised its position in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after purchasing an additional 33,311 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after purchasing an additional 75,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Plug Power by 25.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after buying an additional 400,120 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in Plug Power in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

(Get Free Report)

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.

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