Plug Power (NASDAQ:PLUG) Given New $1.40 Price Target at Piper Sandler

Plug Power (NASDAQ:PLUG) had its price objective reduced by Piper Sandler from $1.60 to $1.40 in a research note published on Thursday morning,Benzinga reports. They currently have an underweight rating on the electronics maker’s stock.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group cut their price target 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. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a research note on Wednesday. Susquehanna cut their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company dropped their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Jefferies Financial Group dropped their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Stock Down 5.3 %

Shares of Plug Power stock traded down $0.11 during trading on Thursday, hitting $1.87. 47,039,238 shares of the stock were exchanged, compared to its average volume of 41,151,031. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -0.89 and a beta of 1.81. The firm’s 50-day moving average price is $2.07 and its 200 day moving average price is $2.41. Plug Power has a 12-month low of $1.60 and a 12-month high of $5.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91.

Plug Power (NASDAQ:PLUG) last released 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). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same period last year, the firm posted ($0.47) earnings per share. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, analysts forecast that Plug Power will post -1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. lifted its position in shares of Plug Power by 1.9% in 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. Charles Schwab Investment Management Inc. increased its holdings in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares during the period. Van ECK Associates Corp increased its holdings in shares of Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after acquiring an additional 809,187 shares during the period. Vontobel Holding Ltd. increased its holdings in shares of Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Plug Power in the 1st quarter worth about $10,687,000. 43.48% of the stock is currently owned by institutional investors.

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.