Brokerages Set Plug Power, Inc. (NASDAQ:PLUG) Target Price at $3.30

Shares of Plug Power, Inc. (NASDAQ:PLUG) have earned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $3.3050.

PLUG has been the subject of a number of recent analyst reports. Weiss Ratings raised Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 10th. Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. BMO Capital Markets increased their target price on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a report on Tuesday, May 12th. Wells Fargo & Company raised their target price on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, May 19th. Finally, Susquehanna cut their price target on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a report on Friday, July 10th.

Plug Power Price Performance

Shares of Plug Power stock opened at $2.23 on Thursday. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -1.69 and a beta of 2.16. Plug Power has a 1-year low of $1.39 and a 1-year high of $4.58. The firm’s 50-day moving average price is $2.96 and its two-hundred day moving average price is $2.62.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $163.51 million during the quarter, compared to analysts’ expectations of $139.87 million. Plug Power had a negative net margin of 227.13% and a negative return on equity of 49.30%. Plug Power’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.21) earnings per share. On average, equities analysts predict that Plug Power will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Plug Power by 116.7% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after purchasing an additional 7,000 shares in the last quarter. Sender Co & Partners Inc. acquired a new stake in shares of Plug Power in the second quarter valued at approximately $26,000. Procyon Advisors LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $29,000. DUTCH ASSET Corp bought a new position in Plug Power in the 4th quarter worth approximately $29,000. Finally, Independent Advisor Alliance bought a new position in Plug Power in the 4th quarter worth approximately $30,000. 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.