Plug Power, Inc. (NASDAQ:PLUG) Given Average Recommendation of “Reduce” by Analysts

Shares of Plug Power, Inc. (NASDAQ:PLUG) have received an average recommendation of “Reduce” from the seventeen research firms that are currently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $1.92.

A number of equities analysts recently weighed in on PLUG shares. 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 report on Wednesday, May 14th. Canaccord Genuity Group reduced their target price on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday, May 13th. Susquehanna boosted their target price on Plug Power from $1.00 to $1.80 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Morgan Stanley dropped their price objective on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating for the company in a report on Monday, May 19th. Finally, Jefferies Financial Group lifted their price target on shares of Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a research note on Wednesday, July 23rd.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.55 on Thursday. 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 12-month low of $0.69 and a 12-month high of $3.32. The company has a market cap of $1.78 billion, a P/E ratio of -0.63 and a beta of 2.29. The company has a fifty day simple moving average of $1.31 and a 200 day simple moving average of $1.41.

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

Insider Activity at Plug Power

In related news, insider Paul B. Middleton acquired 650,000 shares of the stock in a transaction on Monday, June 9th. The stock was acquired at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the acquisition, the insider directly owned 2,558,064 shares of the company’s stock, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.41% of the company’s stock.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mariner LLC increased its holdings in shares of Plug Power by 29.7% during the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock valued at $379,000 after acquiring an additional 40,710 shares in the last quarter. Wells Fargo & Company MN raised its stake in Plug Power by 2.7% during the 4th quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker’s stock worth $5,720,000 after acquiring an additional 70,187 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Plug Power during the 4th quarter valued at $320,000. Two Sigma Investments LP grew its position in shares of Plug Power by 387.7% during the fourth quarter. Two Sigma Investments LP now owns 969,327 shares of the electronics maker’s stock worth $2,065,000 after purchasing an additional 770,564 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of Plug Power by 88.3% in the fourth quarter. Deutsche Bank AG now owns 978,101 shares of the electronics maker’s stock worth $2,083,000 after buying an additional 458,706 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

About Plug Power

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.