Plug Power (NASDAQ:PLUG) Given New $1.00 Price Target at BMO Capital Markets

Plug Power (NASDAQ:PLUG) had its price objective reduced by BMO Capital Markets from $1.10 to $1.00 in a research note issued to investors on Tuesday morning,Benzinga reports. BMO Capital Markets currently has an underperform rating on the electronics maker’s stock.

A number of other research firms have also commented on PLUG. Wall Street Zen raised Plug Power to a “sell” rating in a report on Tuesday, May 13th. Piper Sandler cut their price objective on Plug Power from $1.10 to $0.80 and set an “underweight” rating for the company in a report on Wednesday, May 14th. Morgan Stanley cut their price objective on Plug Power from $1.25 to $0.50 and set an “underweight” rating for the company in a report on Monday, May 19th. Canaccord Genuity Group cut their price objective on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday, May 13th. Finally, Susquehanna lifted their price objective on Plug Power from $1.00 to $1.80 and gave the stock a “neutral” rating in a report on Monday, July 21st. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $1.84.

Plug Power Stock Down 2.5%

Plug Power stock opened at $1.54 on Tuesday. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of -0.67 and a beta of 2.35. The stock has a fifty day simple moving average of $1.43 and a two-hundred day simple moving average of $1.35. Plug Power has a 12 month low of $0.69 and a 12 month high of $3.32. 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 (NASDAQ:PLUG) last posted its earnings results on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The business had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. Plug Power had a negative return on equity of 85.30% and a negative net margin of 292.84%. Equities analysts predict that Plug Power will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul B. Middleton purchased 650,000 shares of Plug Power stock in a transaction on Monday, June 9th. The stock was acquired at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider directly owned 2,558,064 shares in the company, valued at $2,634,805.92. This represents a 34.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the business. Ground Swell Capital LLC bought a new position in Plug Power during the fourth quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL raised its position in Plug Power by 1,182.4% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 14,696 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 13,550 shares during the period. Retirement Planning Group LLC NY purchased a new stake in Plug Power during the fourth quarter valued at approximately $38,000. GTS Securities LLC raised its position in Plug Power by 150.0% during the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 56,255 shares during the period. Finally, Miracle Mile Advisors LLC purchased a new stake in Plug Power during the first quarter valued at approximately $26,000. Institutional investors own 43.48% of the company’s stock.

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.