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

Shares of Plug Power Inc. (NASDAQ:PLUG) have been assigned a consensus rating of “Hold” from the seventeen research firms that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $1.83.

Several brokerages have recently commented on PLUG. Truist Financial dropped their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a report on Tuesday, May 13th. Piper Sandler cut their target price on Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a report on Wednesday, May 14th. Wells Fargo & Company decreased their price target on Plug Power from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 14th. Finally, Susquehanna lowered their price objective on Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a report on Monday, April 14th.

Plug Power Stock Down 7.1%

PLUG opened at $0.77 on Friday. The company has a market capitalization of $826.34 million, a PE ratio of -0.36 and a beta of 2.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. Plug Power has a fifty-two week low of $0.69 and a fifty-two week high of $3.55. The business has a 50-day moving average of $1.08 and a 200-day moving average of $1.75.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS 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 return on equity of 46.99% and a negative net margin of 214.05%. Equities research analysts forecast that Plug Power will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, CFO Paul B. Middleton bought 350,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $0.72 per share, with a total value of $252,000.00. Following the completion of the transaction, the chief financial officer now owns 1,908,064 shares of the company’s stock, valued at $1,373,806.08. The trade was a 22.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is owned by company insiders.

Institutional Trading of Plug Power

Hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after buying an additional 5,348 shares during the last quarter. Compagnie Lombard Odier SCmA boosted its stake in shares of Plug Power by 12.8% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock valued at $104,000 after purchasing an additional 5,550 shares in the last quarter. 49 Wealth Management LLC grew its holdings in shares of Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after purchasing an additional 5,834 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 6,074 shares in the last quarter. Finally, Avantax Planning Partners Inc. lifted its holdings in Plug Power by 54.0% during the 4th quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 6,561 shares during the last quarter. 43.48% of the stock is owned by 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.