Plug Power, Inc. (NASDAQ:PLUG) Receives Consensus Recommendation of “Reduce” from Brokerages

Plug Power, Inc. (NASDAQ:PLUG) has been given a consensus rating of “Reduce” by the sixteen brokerages that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $1.8808.

PLUG has been the subject of a number of research analyst reports. Susquehanna upped their price target on shares of Plug Power from $1.00 to $1.80 and gave the company a “neutral” rating in a report on Monday, July 21st. Jefferies Financial Group upped their price objective on shares of Plug Power from $0.90 to $1.60 and gave the company a “hold” rating in a research note on Wednesday, July 23rd. Evercore ISI raised shares of Plug Power to a “strong sell” rating in a research note on Tuesday, July 15th. Wells Fargo & Company upped their price objective on shares of Plug Power from $1.00 to $1.50 and gave the company an “equal weight” rating in a research note on Thursday, August 14th. Finally, BMO Capital Markets reduced their price objective on shares of Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a research note on Tuesday, August 12th.

Plug Power Stock Performance

Shares of PLUG opened at $2.53 on Friday. The firm has a 50-day moving average price of $1.66 and a 200 day moving average price of $1.33. The firm has a market capitalization of $2.92 billion, a PE ratio of -1.10 and a beta of 2.09. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. Plug Power has a 52-week low of $0.69 and a 52-week high of $3.32.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The company had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. On average, sell-side analysts anticipate that Plug Power will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

A number of hedge funds have recently made changes to their positions in PLUG. Heights Capital Management Inc. purchased a new stake in shares of Plug Power in the first quarter worth approximately $31,174,000. Legal & General Group Plc lifted its position in shares of Plug Power by 59.9% in the second quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock worth $25,301,000 after purchasing an additional 6,364,483 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Plug Power by 4.5% in the first quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker’s stock worth $123,348,000 after purchasing an additional 3,930,342 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Plug Power by 365,934.4% in the second quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock worth $5,656,000 after purchasing an additional 3,794,740 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Plug Power by 14.9% in the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after purchasing an additional 3,125,542 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.