Plug Power, Inc. (NASDAQ:PLUG) Receives Average Recommendation of “Hold” from Analysts

Shares of Plug Power, Inc. (NASDAQ:PLUG) have received an average recommendation of “Hold” from the seventeen research firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $1.83.

A number of analysts recently weighed in on the stock. Piper Sandler cut their price target on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a research report on Wednesday, May 14th. Wall Street Zen upgraded shares of Plug Power to a “sell” rating in a research report on Tuesday, May 13th. Jefferies Financial Group cut their price target on shares of Plug Power from $1.70 to $0.90 and set a “hold” rating on the stock in a research report on Tuesday, May 20th. Wells Fargo & Company cut their price target on shares of Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 14th. Finally, Canaccord Genuity Group lowered their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Tuesday, May 13th.

Plug Power Stock Performance

Plug Power stock opened at $1.46 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. Plug Power has a 1 year low of $0.69 and a 1 year high of $3.34. The company has a market cap of $1.67 billion, a PE ratio of -0.59 and a beta of 2.29. The company’s 50-day moving average is $1.01 and its two-hundred day moving average is $1.51.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. Equities analysts anticipate that Plug Power will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Paul B. Middleton purchased 650,000 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was bought at an average cost of $1.03 per share, with a total value of $669,500.00. Following the purchase, the insider directly owned 2,558,064 shares of the company’s stock, valued at $2,634,805.92. The trade was a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 1.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in PLUG. Norges Bank acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $146,465,000. Heights Capital Management Inc. acquired a new stake in shares of Plug Power in the 1st quarter valued at approximately $31,174,000. Point72 Asset Management L.P. acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $10,370,000. Vanguard Group Inc. boosted its holdings in shares of Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after buying an additional 4,491,114 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Plug Power in the 4th quarter valued at approximately $6,235,000. 43.48% of the stock is 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.