Craig Hallum Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its target price reduced by equities research analysts at Craig Hallum from $4.00 to $3.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the electronics maker’s stock. Craig Hallum’s target price points to a potential upside of 60.43% from the company’s current price.

PLUG has been the topic of several other research reports. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Truist Financial decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Evercore ISI cut their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday. Wells Fargo & Company decreased their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Royal Bank of Canada cut their target price on 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. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $1.87 on Thursday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -0.87 and a beta of 1.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91. Plug Power has a 12 month low of $1.60 and a 12 month high of $5.14. The stock’s 50 day moving average price is $2.08 and its 200 day moving average price is $2.40.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same period in the prior year, the firm posted ($0.47) EPS. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. Equities research analysts anticipate that Plug Power will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power during the second quarter worth $26,000. Nations Financial Group Inc. IA ADV acquired a new position in Plug Power in the 2nd quarter worth about $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter worth about $28,000. Madison Park Capital Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter worth about $29,000. Finally, Profund Advisors LLC acquired a new stake in shares of Plug Power during the 2nd quarter valued at about $29,000. Institutional investors and hedge funds 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.