Plug Power (NASDAQ:PLUG) Price Target Cut to $0.50 by Analysts at Morgan Stanley

Plug Power (NASDAQ:PLUG) had its target price dropped by investment analysts at Morgan Stanley from $1.25 to $0.50 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the electronics maker’s stock. Morgan Stanley’s price target would indicate a potential downside of 37.26% from the company’s current price.

A number of other research firms have also commented on PLUG. Susquehanna reduced their price objective on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a research note on Monday, April 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 report on Wednesday, May 14th. BMO Capital Markets dropped their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. StockNews.com raised Plug Power to a “sell” rating in a research note on Tuesday, May 13th. Finally, B. Riley reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus target price of $1.91.

Plug Power Price Performance

Shares of PLUG stock traded up $0.02 during trading hours on Monday, reaching $0.80. The company’s stock had a trading volume of 112,224,626 shares, compared to its average volume of 58,862,690. Plug Power has a fifty-two week low of $0.69 and a fifty-two week high of $3.55. The firm’s 50 day simple moving average is $1.13 and its 200-day simple moving average is $1.77. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $859.44 million, a price-to-earnings ratio of -0.37 and a beta of 2.19.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $133.67 million for 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%. Sell-side analysts forecast that Plug Power will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently bought and sold shares of PLUG. Pacific Sage Partners LLC bought a new stake in Plug Power during the fourth quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power during the 4th quarter worth $25,000. Jones Financial Companies Lllp grew its position in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in Plug Power in the first quarter valued at $26,000. Finally, Callan Family Office LLC purchased a new stake in Plug Power during the fourth quarter valued at about $27,000. Hedge funds and other 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.