Brokerages Set Plug Power Inc. (NASDAQ:PLUG) Target Price at $5.49

Shares of Plug Power Inc. (NASDAQ:PLUG) have earned a consensus recommendation of “Hold” from the twenty-seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $5.49.

Several research analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Tuesday, May 14th. Craig Hallum lowered their price objective on Plug Power from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, March 4th. Morgan Stanley dropped their target price on shares of Plug Power from $3.00 to $2.50 and set an “underweight” rating on the stock in a report on Friday, May 10th. Canaccord Genuity Group decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Monday, May 13th. Finally, Susquehanna dropped their price objective on shares of Plug Power from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th.

Plug Power Stock Down 5.3 %

Shares of Plug Power stock opened at $2.33 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. Plug Power has a 12-month low of $2.25 and a 12-month high of $13.44. The company has a market cap of $1.73 billion, a P/E ratio of -0.97 and a beta of 1.77. The company’s fifty day simple moving average is $2.83 and its two-hundred day simple moving average is $3.41.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The company had revenue of $120.26 million for the quarter, compared to analysts’ expectations of $162.92 million. Research analysts anticipate that Plug Power will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other news, Director George C. Mcnamee sold 10,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $2.56, for a total transaction of $25,600.00. Following the sale, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Norges Bank purchased a new position in Plug Power in the fourth quarter worth about $97,800,000. Swedbank AB purchased a new position in shares of Plug Power in the first quarter worth approximately $10,687,000. Electron Capital Partners LLC bought a new stake in Plug Power during the third quarter valued at approximately $13,496,000. Quadrature Capital Ltd purchased a new stake in Plug Power during the fourth quarter valued at approximately $5,133,000. Finally, Pinnacle Associates Ltd. raised its position in Plug Power by 41.4% in the first 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 during the period. 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.