Plug Power Inc. (NASDAQ:PLUG) Given Average Rating of “Hold” by Brokerages

Shares of Plug Power Inc. (NASDAQ:PLUG) have received a consensus recommendation of “Hold” from the twenty-seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, fifteen have given a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $5.19.

PLUG has been the subject of several recent analyst reports. Piper Sandler cut their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Canaccord Genuity Group cut their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Truist Financial cut their price objective on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Craig Hallum cut their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Wells Fargo & Company cut their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. 3Chopt Investment Partners LLC purchased a new position in Plug Power in the second quarter worth approximately $212,000. Algert Global LLC purchased a new position in Plug Power in the second quarter worth approximately $152,000. The Manufacturers Life Insurance Company lifted its stake in Plug Power by 144.4% in the second quarter. The Manufacturers Life Insurance Company now owns 382,186 shares of the electronics maker’s stock worth $890,000 after acquiring an additional 225,834 shares during the last quarter. Dimension Capital Management LLC purchased a new position in Plug Power in the second quarter worth approximately $35,000. Finally, Marshall Wace LLP lifted its stake in Plug Power by 80.0% in the second quarter. Marshall Wace LLP now owns 24,492 shares of the electronics maker’s stock worth $57,000 after acquiring an additional 10,882 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $1.96 on Monday. The firm has a 50-day simple moving average of $2.26 and a 200-day simple moving average of $2.75. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -0.82 and a beta of 1.79. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. Plug Power has a 52 week low of $1.60 and a 52 week high of $8.80.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same quarter last year, the company earned ($0.35) earnings per share. Plug Power’s quarterly revenue was down 44.9% on a year-over-year basis. On average, equities analysts predict that Plug Power will post -1.15 earnings per share for the current fiscal year.

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.