Plug Power (NASDAQ:PLUG – Free Report) had its price target cut by Canaccord Genuity Group from $3.00 to $2.50 in a report issued on Monday morning, Benzinga reports. They currently have a hold rating on the electronics maker’s stock.
PLUG has been the subject of several other reports. TD Cowen decreased their price objective on shares of Plug Power from $7.00 to $5.00 and set a buy rating for the company in a research report on Friday, May 10th. B. Riley upgraded Plug Power to a strong-buy rating in a report on Tuesday, June 25th. Piper Sandler cut their target price on shares of Plug Power from $2.50 to $2.40 and set an underweight rating on the stock in a research note on Monday, July 22nd. Craig Hallum dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set a buy rating on the stock in a report on Friday, August 9th. Finally, Morgan Stanley dropped their price target on Plug Power from $3.00 to $2.50 and set an underweight rating on the stock in a research note on Friday, May 10th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $5.19.
View Our Latest Stock Analysis on PLUG
Plug Power Stock Up 5.0 %
Plug Power (NASDAQ:PLUG – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.35) earnings per share. On average, research analysts anticipate that Plug Power will post -1.1 earnings per share for the current year.
Hedge Funds Weigh In On Plug Power
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Plug Power by 1.9% in the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after buying an additional 999,194 shares during the period. Norges Bank purchased a new stake in Plug Power in the 4th quarter worth about $97,800,000. Pinnacle Associates Ltd. raised its stake in Plug Power by 41.4% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after acquiring an additional 1,105,813 shares during the period. Van ECK Associates Corp lifted its holdings in Plug Power by 37.0% during the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock valued at $7,975,000 after purchasing an additional 923,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Plug Power by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after purchasing an additional 102,095 shares during the period. Hedge funds and other institutional investors 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.
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