Plug Power (NASDAQ:PLUG) Cut to Neutral at BTIG Research

BTIG Research lowered shares of Plug Power (NASDAQ:PLUG) from a buy rating to a neutral rating in a report published on Thursday morning, Marketbeat reports.

Several other equities research analysts have also recently issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday. Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday. Wells Fargo & Company decreased their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Royal Bank of Canada dropped their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $4.52.

Plug Power Stock Down 5.1 %

Shares of NASDAQ PLUG traded down $0.10 during mid-day trading on Thursday, reaching $1.87. 58,709,690 shares of the company were exchanged, compared to its average volume of 41,181,754. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -0.89 and a beta of 1.81. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $2.07 and a 200 day moving average of $2.41.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.47) EPS. On average, research analysts expect that Plug Power will post -1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Vontobel Holding Ltd. grew its stake in shares of Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Plug Power by 5.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after purchasing an additional 33,311 shares during the last quarter. Gabelli Funds LLC lifted its holdings in shares of Plug Power by 42.9% in the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock valued at $860,000 after purchasing an additional 75,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in Plug Power by 25.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after purchasing an additional 400,120 shares in the last quarter. Finally, Diversified Trust Co purchased a new stake in shares of Plug Power during the second quarter worth about $35,000. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

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.