Canaccord Genuity Group Lowers Plug Power (NASDAQ:PLUG) Price Target to $2.25

Plug Power (NASDAQ:PLUG) had its target price trimmed by Canaccord Genuity Group from $2.50 to $2.25 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the electronics maker’s stock.

PLUG has been the topic of several other reports. Craig Hallum cut their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday. Royal Bank of Canada cut their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Jefferies Financial Group cut their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Finally, Piper Sandler cut their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.75.

Plug Power Stock Up 3.1 %

NASDAQ:PLUG opened at $1.97 on Wednesday. The firm’s 50-day moving average price is $2.06 and its 200-day moving average price is $2.41. The company has a market capitalization of $1.73 billion, a PE ratio of -0.92 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. Plug Power has a 1-year low of $1.60 and a 1-year high of $5.14.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.47) earnings per share. On average, equities analysts predict that Plug Power will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently made changes to their positions in the business. SteelPeak Wealth LLC bought a new position in shares of Plug Power in the 2nd quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in Plug Power in the 2nd quarter worth approximately $26,000. Aire Advisors LLC purchased a new stake in Plug Power in the 2nd quarter worth approximately $28,000. Madison Park Capital Advisors LLC purchased a new stake in Plug Power in the 2nd quarter worth approximately $29,000. Finally, Profund Advisors LLC purchased a new stake in Plug Power in the 2nd quarter worth approximately $29,000. 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.