Plug Power (NASDAQ:PLUG) Coverage Initiated at Piper Sandler

Stock analysts at Piper Sandler started coverage on shares of Plug Power (NASDAQ:PLUG – Get Rating) in a research note issued on Wednesday, Marketbeat.com reports. The brokerage set a “hold” rating and a $18.00 price target on the electronics maker’s stock. Piper Sandler’s target price points to a potential downside of 2.81% from the stock’s current price.

PLUG has been the topic of several other reports. Citigroup cut their price objective on shares of Plug Power to $20.00 and set a “na” rating on the stock in a report on Monday, May 16th. Morgan Stanley cut their price target on shares of Plug Power from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, March 22nd. Canaccord Genuity Group cut their price target on shares of Plug Power from $25.00 to $21.00 in a report on Monday, March 7th. Susquehanna cut their price target on shares of Plug Power from $33.00 to $30.00 in a report on Tuesday, May 10th. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $40.00 price target on shares of Plug Power in a report on Thursday, June 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Plug Power has an average rating of “Buy” and a consensus price target of $34.23.

PLUG stock traded down $0.33 during trading on Wednesday, hitting $18.52. 858,412 shares of the company’s stock traded hands, compared to its average volume of 25,063,236. The firm has a market capitalization of $10.71 billion, a P/E ratio of -19.43 and a beta of 1.73. The business has a fifty day simple moving average of $21.38 and a two-hundred day simple moving average of $25.01. The company has a quick ratio of 10.51, a current ratio of 11.44 and a debt-to-equity ratio of 0.12. Plug Power has a 1 year low of $12.70 and a 1 year high of $46.50.

Plug Power (NASDAQ:PLUG – Get Rating) last issued its quarterly earnings data on Monday, May 9th. The electronics maker reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.11). The business had revenue of $140.80 million for the quarter, compared to analysts’ expectations of $142.99 million. Plug Power had a negative net margin of 97.29% and a negative return on equity of 11.78%. The business’s quarterly revenue was up 95.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.12) earnings per share. On average, equities research analysts predict that Plug Power will post -0.65 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. First Trust Advisors LP lifted its position in Plug Power by 3.8% during the first quarter. First Trust Advisors LP now owns 227,250 shares of the electronics maker’s stock valued at $545,000 after purchasing an additional 8,331 shares during the period. GSA Capital Partners LLP raised its position in shares of Plug Power by 20.8% in the third quarter. GSA Capital Partners LLP now owns 18,548 shares of the electronics maker’s stock worth $474,000 after acquiring an additional 3,200 shares during the period. Profund Advisors LLC acquired a new position in shares of Plug Power in the third quarter worth about $552,000. Franklin Resources Inc. raised its position in shares of Plug Power by 16.1% in the third quarter. Franklin Resources Inc. now owns 10,559 shares of the electronics maker’s stock worth $270,000 after acquiring an additional 1,468 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Plug Power by 33.3% in the third quarter. Dimensional Fund Advisors LP now owns 761,939 shares of the electronics maker’s stock worth $19,454,000 after acquiring an additional 190,436 shares during the period. Institutional investors own 52.07% of the company’s stock.

About Plug Power (Get Rating)

Plug Power Inc provides hydrogen fuel cell turnkey solutions for the mobility, material handling, and stationary power markets in North America and internationally. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies, as well as related hydrogen and green hydrogen generation, storage, and dispensing infrastructure.

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