Plug Power (NASDAQ:PLUG) Price Target Cut to $2.40

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

A number of other equities analysts also recently commented on PLUG. Citigroup downgraded Plug Power from a neutral rating to a sell rating and dropped their price objective for the stock from $3.25 to $2.00 in a report on Friday, April 5th. Morgan Stanley dropped their price objective on Plug Power from $3.00 to $2.50 and set an underweight rating on the stock in a report on Friday, May 10th. Marathon Capitl restated an equal weight rating on shares of Plug Power in a report on Tuesday, March 26th. TD Cowen dropped their price objective on Plug Power from $7.00 to $5.00 and set a buy rating on the stock in a report on Friday, May 10th. Finally, Canaccord Genuity Group decreased their target price on Plug Power from $4.00 to $3.00 and set a hold rating for the company in a research report on Monday, May 13th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $5.48.

Plug Power Stock Performance

Shares of PLUG opened at $2.33 on Monday. Plug Power has a fifty-two week low of $2.21 and a fifty-two week high of $13.17. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The business’s 50-day moving average is $2.83 and its 200-day moving average is $3.17.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.11). The business had revenue of $120.26 million during the quarter, compared to analyst estimates of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. On average, analysts anticipate that Plug Power will post -1.12 EPS for the current fiscal year.

Insider Activity

In other news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Treasurer of the State of North Carolina lifted its position in Plug Power by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after purchasing an additional 2,280 shares during the period. Tower Research Capital LLC TRC raised its stake in Plug Power by 15.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 18,585 shares of the electronics maker’s stock worth $84,000 after acquiring an additional 2,526 shares in the last quarter. Brookstone Capital Management raised its stake in Plug Power by 22.3% during the fourth quarter. Brookstone Capital Management now owns 17,973 shares of the electronics maker’s stock worth $81,000 after acquiring an additional 3,273 shares in the last quarter. Prime Capital Investment Advisors LLC raised its stake in Plug Power by 19.4% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 21,888 shares of the electronics maker’s stock worth $98,000 after acquiring an additional 3,556 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its stake in Plug Power by 17.6% during the fourth quarter. Stratos Wealth Partners LTD. now owns 25,635 shares of the electronics maker’s stock worth $115,000 after acquiring an additional 3,832 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

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.