Canaccord Genuity Group Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.25

Plug Power (NASDAQ:PLUG) had its target price cut by Canaccord Genuity Group from $2.50 to $2.25 in a research note published on Wednesday,Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

A number of other research analysts have also recently issued reports on PLUG. Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Piper Sandler cut their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Jefferies Financial Group decreased their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday. Finally, Royal Bank of Canada dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

NASDAQ PLUG opened at $1.87 on Wednesday. The firm’s fifty day simple moving average is $2.08 and its two-hundred day simple moving average is $2.40. The firm has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. Plug Power has a 12-month low of $1.60 and a 12-month high of $5.14.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vontobel Holding Ltd. raised its position in 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 acquiring an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Plug Power by 5.9% during the first 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 purchasing an additional 33,311 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after purchasing an additional 75,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Plug Power by 25.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after buying an additional 400,120 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in Plug Power in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.