Plug Power (NASDAQ:PLUG) Price Target Cut to $2.00

by · The Markets Daily

Plug Power (NASDAQ:PLUG – Free Report) had its price objective cut by Jefferies Financial Group from $2.20 to $2.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

Several other analysts also recently issued reports on PLUG. Piper Sandler reduced their price target on Plug Power from $2.50 to $2.40 and set an underweight rating for the company in a research note on Monday, July 22nd. Susquehanna reduced their price target on Plug Power from $3.00 to $2.00 and set a neutral rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada dropped their price objective on Plug Power from $3.50 to $2.50 and set a sector perform rating for the company in a report on Monday, August 12th. Wells Fargo & Company reduced their target price on Plug Power from $4.00 to $3.00 and set an equal weight rating on the stock in a report on Friday, August 9th. Finally, B. Riley upgraded shares of Plug Power to a strong-buy rating in a research note on Tuesday, June 25th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Plug Power currently has an average rating of Hold and a consensus price target of $5.01.

Get Our Latest Research Report on Plug Power

Plug Power Stock Performance

Shares of PLUG opened at $2.15 on Thursday. The company has a market cap of $1.89 billion, a PE ratio of -0.90 and a beta of 1.79. The firm has a 50-day moving average of $2.06 and a 200-day moving average of $2.59. Plug Power has a one year low of $1.60 and a one year high of $7.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG – Get Free Report) last issued its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business’s revenue was down 44.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. As a group, equities analysts forecast that Plug Power will post -1.15 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares during the last quarter. Pinnacle Associates Ltd. raised its position in shares of Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Plug Power by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after acquiring an additional 923,579 shares in the last quarter. Swedbank AB acquired a new position in shares of Plug Power in the 1st quarter valued at about $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Plug Power by 5.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock valued at $10,022,000 after purchasing an additional 150,088 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Company Profile

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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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