Piper Sandler Cuts Plug Power (NASDAQ:PLUG) Price Target to $1.40

Plug Power (NASDAQ:PLUG) had its price objective lowered by Piper Sandler from $1.60 to $1.40 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the electronics maker’s stock.

A number of other equities analysts have also recently weighed in on PLUG. Susquehanna reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Wells Fargo & Company reduced their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday. Craig Hallum cut their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Jefferies Financial Group decreased their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. 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 assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.87 on Thursday. The stock has a 50-day moving average of $2.08 and a 200 day moving average of $2.40. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14.

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 net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter last year, the firm earned ($0.47) earnings per share. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. As a group, equities research analysts expect that Plug Power will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in 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 acquiring an additional 999,194 shares during the last quarter. Geode Capital Management LLC increased its stake in Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. Van ECK Associates Corp lifted its stake in shares of Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 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.