Plug Power (NASDAQ:PLUG) Price Target Cut to $9.00

Plug Power (NASDAQ:PLUG) had its target price dropped by research analysts at Susquehanna from $13.00 to $9.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “positive” rating on the electronics maker’s stock. Susquehanna’s price objective points to a potential upside of 154.96% from the company’s previous close.

Other analysts have also issued reports about the company. Morgan Stanley dropped their price objective on Plug Power from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 17th. JPMorgan Chase & Co. lowered Plug Power from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $10.00 to $6.00 in a research note on Friday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $6.00 price target on shares of Plug Power in a research note on Friday. HSBC initiated coverage on Plug Power in a research note on Monday, September 25th. They issued a “buy” rating and a $11.00 price target on the stock. Finally, Roth Capital lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, August 10th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.99.

Plug Power Stock Down 40.5 %

Shares of PLUG stock opened at $3.53 on Friday. The stock has a 50 day moving average of $7.07 and a 200 day moving average of $8.80. The company has a current ratio of 3.16, a quick ratio of 2.07 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.12 billion, a P/E ratio of -2.21 and a beta of 1.98. Plug Power has a twelve month low of $3.22 and a twelve month high of $18.88.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, November 9th. The electronics maker reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.15). Plug Power had a negative net margin of 106.74% and a negative return on equity of 23.57%. The company had revenue of $198.71 million for the quarter, compared to analysts’ expectations of $219.57 million. During the same quarter in the prior year, the business posted ($0.30) earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. As a group, sell-side analysts expect that Plug Power will post -1.32 EPS for the current year.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Jose Luis Crespo sold 31,958 shares of Plug Power stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $7.20, for a total value of $230,097.60. Following the sale, the insider now owns 250,609 shares in the company, valued at $1,804,384.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. US Bancorp DE raised its position in Plug Power by 7.9% in the first quarter. US Bancorp DE now owns 11,362 shares of the electronics maker’s stock valued at $324,000 after purchasing an additional 833 shares during the period. MetLife Investment Management LLC purchased a new stake in shares of Plug Power in the 1st quarter valued at $947,000. Dimensional Fund Advisors LP raised its holdings in shares of Plug Power by 34.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,250,478 shares of the electronics maker’s stock valued at $35,771,000 after buying an additional 320,262 shares during the period. Blair William & Co. IL raised its holdings in shares of Plug Power by 12.6% in the 1st quarter. Blair William & Co. IL now owns 8,328 shares of the electronics maker’s stock valued at $238,000 after buying an additional 934 shares during the period. Finally, Prudential PLC purchased a new stake in shares of Plug Power in the 1st quarter valued at $248,000. Hedge funds and other institutional investors own 49.99% of the company’s stock.

About Plug Power

Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure.