Plug Power (NASDAQ:PLUG) Downgraded by Citigroup

Citigroup lowered shares of Plug Power (NASDAQ:PLUG) from a neutral rating to a sell rating in a research report released on Friday, MarketBeat Ratings reports. They currently have $2.00 price target on the electronics maker’s stock, down from their prior price target of $3.25.

PLUG has been the subject of a number of other research reports. Piper Sandler lifted their target price on shares of Plug Power from $2.80 to $2.90 and gave the stock an underweight rating in a research report on Tuesday, March 5th. Redburn Atlantic initiated coverage on shares of Plug Power in a research report on Tuesday, February 6th. They set a neutral rating and a $4.50 price objective for the company. Marathon Capitl reissued an equal weight rating on shares of Plug Power in a research report on Tuesday, March 26th. Seaport Res Ptn downgraded shares of Plug Power from a buy rating to a neutral rating in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada cut their price objective on shares of Plug Power from $5.00 to $3.50 and set a sector perform rating for the company in a research report on Wednesday, January 24th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $6.05.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $3.12 on Friday. Plug Power has a twelve month low of $2.26 and a twelve month high of $13.44. The firm has a market cap of $2.13 billion, a P/E ratio of -1.36 and a beta of 1.54. The company has a 50 day moving average of $3.69 and a 200 day moving average of $4.54. The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The company had revenue of $222.20 million during the quarter, compared to the consensus estimate of $234.21 million. During the same period last year, the firm posted ($0.38) EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, research analysts expect that Plug Power will post -0.94 EPS for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its stake in Plug Power by 183.6% in the 4th quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker’s stock worth $7,453,000 after purchasing an additional 1,072,344 shares in the last quarter. UniSuper Management Pty Ltd lifted its holdings in shares of Plug Power by 78.5% in the 3rd quarter. UniSuper Management Pty Ltd now owns 2,064,304 shares of the electronics maker’s stock valued at $15,689,000 after acquiring an additional 907,604 shares during the last quarter. Gabelli Funds LLC lifted its holdings in shares of Plug Power by 9.4% in the 3rd quarter. Gabelli Funds LLC now owns 87,500 shares of the electronics maker’s stock valued at $665,000 after acquiring an additional 7,500 shares during the last quarter. Compagnie Lombard Odier SCmA increased its stake in Plug Power by 21.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 36,250 shares of the electronics maker’s stock worth $163,000 after acquiring an additional 6,300 shares during the last quarter. Finally, New York Life Investment Management LLC raised its position in Plug Power by 109.7% during the third quarter. New York Life Investment Management LLC now owns 58,895 shares of the electronics maker’s stock valued at $448,000 after purchasing an additional 30,807 shares during the period. 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.