Plug Power Inc. (NASDAQ:PLUG) Receives Consensus Recommendation of “Hold” from Brokerages

Plug Power Inc. (NASDAQ:PLUG) has been given an average rating of “Hold” by the twenty-three ratings firms that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $4.55.

Several equities research analysts have recently weighed in on the stock. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Evercore ISI decreased their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Piper Sandler dropped their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Wells Fargo & Company decreased their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Finally, Canaccord Genuity Group dropped their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th.

Plug Power Trading Down 10.9 %

PLUG stock opened at $2.44 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The company’s 50 day moving average is $2.34 and its two-hundred day moving average is $2.25.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’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 business posted ($0.47) EPS. As a group, equities research analysts expect that Plug Power will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Plug Power by 45.1% in the second quarter. Principal Financial Group Inc. now owns 63,780 shares of the electronics maker’s stock worth $149,000 after acquiring an additional 19,824 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Plug Power by 8.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 356,973 shares of the electronics maker’s stock valued at $832,000 after purchasing an additional 29,134 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Plug Power by 97.2% during the 2nd quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker’s stock valued at $3,020,000 after buying an additional 638,761 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Plug Power by 8.6% during the second quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after buying an additional 7,014 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Plug Power by 21.5% in the second quarter. Arizona State Retirement System now owns 181,982 shares of the electronics maker’s stock worth $424,000 after buying an additional 32,217 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.