Plug Power (NASDAQ:PLUG) Upgraded by StockNews.com to Sell Rating

Plug Power (NASDAQ:PLUG) was upgraded by StockNews.com to a “sell” rating in a note issued to investors on Wednesday.

A number of other brokerages have also recently weighed in on PLUG. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Piper Sandler dropped their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Wells Fargo & Company reduced their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Craig Hallum reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Finally, Susquehanna raised their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.55.

Plug Power Stock Down 7.7 %

Plug Power stock traded down $0.17 during midday trading on Wednesday, reaching $2.03. The company’s stock had a trading volume of 74,360,238 shares, compared to its average volume of 82,430,742. The business has a 50-day simple moving average of $2.36 and a 200-day simple moving average of $2.25. The company has a market cap of $1.85 billion, a P/E ratio of -0.95 and a beta of 1.79. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the firm earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. On average, research analysts expect that Plug Power will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. Profund Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at approximately $29,000. Prio Wealth Limited Partnership acquired a new stake in Plug Power in the third quarter valued at $29,000. Catalyst Capital Advisors LLC increased its position in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares in the last quarter. First Commonwealth Financial Corp PA acquired a new position in shares of Plug Power during the 3rd quarter worth $29,000. Finally, Millburn Ridgefield Corp boosted its position in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.