Plug Power (NASDAQ:PLUG) Price Target Raised to $2.75 at Susquehanna

Plug Power (NASDAQ:PLUG) had its price objective raised by Susquehanna from $2.50 to $2.75 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

Several other equities analysts have also recently issued reports on PLUG. Weiss Ratings reissued a “sell (d-)” rating on shares of Plug Power in a report on Thursday, January 22nd. Jefferies Financial Group decreased their price objective on Plug Power from $2.00 to $1.80 and set a “hold” rating for the company in a report on Monday, March 9th. BMO Capital Markets reissued an “underperform” rating and issued a $1.00 price objective on shares of Plug Power in a report on Tuesday, March 3rd. BTIG Research reissued a “neutral” rating on shares of Plug Power in a report on Tuesday, March 3rd. Finally, TD Cowen cut Plug Power from a “buy” rating to a “hold” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $3.03.

Plug Power Stock Performance

Shares of PLUG stock opened at $2.74 on Thursday. The stock has a market cap of $3.82 billion, a PE ratio of -2.03 and a beta of 1.79. The business has a 50-day simple moving average of $2.15 and a 200-day simple moving average of $2.39. The company has a quick ratio of 1.46, a current ratio of 2.31 and a debt-to-equity ratio of 0.64. Plug Power has a 52-week low of $0.69 and a 52-week high of $4.58.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, March 2nd. The electronics maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $225.22 million during the quarter, compared to analysts’ expectations of $217.38 million. Plug Power had a negative return on equity of 45.97% and a negative net margin of 229.83%.During the same quarter in the previous year, the firm posted ($1.48) EPS. On average, equities analysts expect that Plug Power will post -1.21 EPS for the current year.

Insiders Place Their Bets

In related news, insider Benjamin Haycraft sold 40,000 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $2.17, for a total value of $86,800.00. Following the completion of the transaction, the insider owned 333,809 shares of the company’s stock, valued at approximately $724,365.53. This represents a 10.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Plug Power

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Plug Power by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock worth $255,311,000 after purchasing an additional 19,967,339 shares during the period. State Street Corp raised its holdings in Plug Power by 29.9% in the 4th quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after purchasing an additional 7,416,943 shares during the period. Geode Capital Management LLC raised its holdings in Plug Power by 12.4% in the 4th quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock worth $61,611,000 after purchasing an additional 3,456,323 shares during the period. Legal & General Group Plc raised its holdings in Plug Power by 4.2% in the 3rd quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock worth $41,230,000 after purchasing an additional 714,212 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Plug Power in the 4th quarter worth about $27,684,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.