Plug Power (NASDAQ:PLUG) Price Target Lowered to $1.40 at Piper Sandler

Plug Power (NASDAQ:PLUG) had its price objective trimmed by Piper Sandler from $1.60 to $1.40 in a research note released on Thursday,Benzinga reports. The firm currently has an underweight rating on the electronics maker’s stock.

Other analysts have also recently issued reports about the company. Wells Fargo & Company decreased their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday. Royal Bank of Canada decreased their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” 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 given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

PLUG stock traded down $0.11 during midday trading on Thursday, hitting $1.87. The company’s stock had a trading volume of 47,039,238 shares, compared to its average volume of 41,151,031. Plug Power has a 12 month low of $1.60 and a 12 month high of $5.14. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -0.89 and a beta of 1.81. The company has a 50 day moving average of $2.07 and a two-hundred day moving average of $2.41.

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

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of PLUG. Empowered Funds LLC acquired a new stake in Plug Power in the 1st quarter valued at about $48,000. Swiss National Bank increased its holdings in shares of Plug Power by 0.8% during the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock worth $3,701,000 after buying an additional 8,300 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Plug Power by 5.9% during the 1st 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 buying an additional 33,311 shares during the last quarter. HBK Sorce Advisory LLC acquired a new stake in shares of Plug Power during the 1st quarter worth approximately $37,000. Finally, Vanguard Group Inc. increased its holdings in shares of Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.