Brokerages Set Plug Power Inc. (NASDAQ:PLUG) Target Price at $4.52

Plug Power Inc. (NASDAQ:PLUG) has been assigned an average recommendation of “Hold” from the twenty-three ratings firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $4.52.

Several brokerages have recently weighed in on PLUG. Royal Bank of Canada reduced their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Piper Sandler reduced their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th.

Institutional Trading of Plug Power

Several hedge funds have recently made changes to their positions in PLUG. Geode Capital Management LLC lifted its position in shares of Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Swedbank AB purchased a new stake in shares of Plug Power during the first quarter worth approximately $10,687,000. SG Americas Securities LLC increased its stake in shares of Plug Power by 134.0% during the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after buying an additional 1,407,858 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares during the period. Finally, Vontobel Holding Ltd. increased its stake in shares of 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 buying an additional 1,051,400 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Price Performance

PLUG stock opened at $2.20 on Friday. The company has a market capitalization of $2.00 billion, a PE ratio of -1.03 and a beta of 1.81. The company’s fifty day moving average price is $2.08 and its 200-day moving average price is $2.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. Plug Power has a one year low of $1.60 and a one year high of $5.14.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) EPS. On average, equities analysts anticipate that Plug Power will post -1.2 EPS for the current fiscal year.

About Plug Power

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.