Analysts Set Plug Power Inc. (NASDAQ:PLUG) Price Target at $5.01

Shares of Plug Power Inc. (NASDAQ:PLUG) have been assigned a consensus recommendation of “Hold” from the twenty-seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, fifteen have given a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $5.01.

PLUG has been the subject of several recent analyst reports. Wells Fargo & Company decreased their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Canaccord Genuity Group reduced their price objective on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Monday, August 12th. Craig Hallum reduced their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Piper Sandler reduced their price objective 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. Finally, Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th.

Institutional Trading of Plug Power

Hedge funds have recently bought and sold shares of the business. SteelPeak Wealth LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at $26,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power during the 2nd quarter valued at $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC purchased a new position in shares of Plug Power during the 2nd quarter valued at $29,000. 43.48% of the stock is currently owned by institutional investors.

Plug Power Trading Down 8.4 %

NASDAQ PLUG opened at $2.06 on Friday. The business has a 50 day simple moving average of $2.05 and a 200 day simple moving average of $2.56. Plug Power has a one year low of $1.60 and a one year high of $7.90. The stock has a market capitalization of $1.53 billion, a P/E ratio of -0.86 and a beta of 1.79. 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) last released 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). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business had revenue of $143.40 million for the quarter, compared to analyst estimates of $184.54 million. During the same period in the prior year, the business earned ($0.35) EPS. The company’s revenue for the quarter was down 44.9% on a year-over-year basis. Research analysts expect that Plug Power will post -1.15 earnings per share for the current year.

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.