Canaccord Genuity Group Boosts Plug Power (NASDAQ:PLUG) Price Target to $2.50

Plug Power (NASDAQ:PLUG) had its price objective lifted by equities researchers at Canaccord Genuity Group from $1.25 to $2.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the electronics maker’s stock. Canaccord Genuity Group’s price objective points to a potential downside of 8.76% from the stock’s current price.

Several other equities analysts have also commented on PLUG. BMO Capital Markets lowered 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 report on Tuesday, August 12th. Wall Street Zen upgraded shares of Plug Power from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Plug Power in a research report on Wednesday, October 8th. HSBC set a $4.40 price objective on Plug Power in a research report on Thursday, October 9th. Finally, Wells Fargo & Company lifted their target price on Plug Power from $1.00 to $1.50 and gave the stock an “equal weight” rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.54.

Plug Power Stock Performance

NASDAQ PLUG opened at $2.74 on Tuesday. The stock has a market capitalization of $3.16 billion, a PE ratio of -1.19 and a beta of 2.28. The business has a 50 day simple moving average of $2.68 and a two-hundred day simple moving average of $1.77. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.59 and a quick ratio of 0.82. Plug Power has a 1-year low of $0.69 and a 1-year high of $4.58.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.01. The business had revenue of $177.06 million for the quarter, compared to analysts’ expectations of $185.41 million. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%. Plug Power has set its FY 2025 guidance at EPS. On average, research analysts predict that Plug Power will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling at Plug Power

In related news, EVP Benjamin Haycraft sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $2.92, for a total transaction of $29,200.00. Following the completion of the sale, the executive vice president directly owned 467,583 shares of the company’s stock, valued at approximately $1,365,342.36. This trade represents a 2.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.41% of the company’s stock.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Kovack Advisors Inc. purchased a new stake in shares of Plug Power during the third quarter valued at $26,000. Yousif Capital Management LLC bought a new stake in Plug Power during the 3rd quarter valued at about $27,000. Prakash Investment Advisors LLC purchased a new stake in Plug Power in the 3rd quarter valued at about $27,000. Prime Capital Investment Advisors LLC purchased a new stake in Plug Power in the 3rd quarter valued at about $30,000. Finally, Oak Thistle LLC bought a new position in Plug Power in the 3rd quarter worth about $30,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

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.