Piper Sandler Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.40

Plug Power (NASDAQ:PLUG) had its target price trimmed by Piper Sandler from $2.50 to $2.40 in a report published on Monday morning, Benzinga reports. The brokerage currently has an underweight rating on the electronics maker’s stock.

Other equities research analysts have also issued reports about the company. Canaccord Genuity Group lowered their price objective on Plug Power from $4.00 to $3.00 and set a hold rating on the stock in a research note on Monday, May 13th. HC Wainwright restated a buy rating and set a $18.00 price target on shares of Plug Power in a research report on Tuesday, May 14th. Citigroup lowered Plug Power from a neutral rating to a sell rating and decreased their price target for the stock from $3.25 to $2.00 in a research report on Friday, April 5th. TD Cowen decreased their price target on Plug Power from $7.00 to $5.00 and set a buy rating on the stock in a research report on Friday, May 10th. Finally, B. Riley upgraded Plug Power to a strong-buy rating in a research report on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Plug Power presently has an average rating of Hold and an average price target of $5.48.

Plug Power Trading Down 2.4 %

Plug Power stock opened at $2.43 on Monday. The business has a 50 day moving average price of $2.85 and a two-hundred day moving average price of $3.18. The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -1.01 and a beta of 1.81. Plug Power has a 12 month low of $2.21 and a 12 month high of $13.17.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The company had revenue of $120.26 million during the quarter, compared to the consensus estimate of $162.92 million. As a group, equities analysts forecast that Plug Power will post -1.13 EPS for the current year.

Insider Activity

In other news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the transaction, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Plug Power

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares during the period. Norges Bank acquired a new stake in Plug Power during the 4th quarter worth $97,800,000. Pinnacle Associates Ltd. raised its stake in Plug Power by 41.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after buying an additional 1,105,813 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Plug Power by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after buying an additional 102,095 shares during the period. Finally, Swedbank AB acquired a new stake in Plug Power during the 1st quarter worth $10,687,000. 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.