Plug Power Inc. (NASDAQ:PLUG) Receives $5.01 Average Price Target from Analysts

Shares of Plug Power Inc. (NASDAQ:PLUG) have been assigned 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 given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $5.01.

Several equities research analysts have commented on the stock. Truist Financial cut their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Craig Hallum lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Piper Sandler lowered their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Canaccord Genuity Group lowered their price objective on shares of Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Monday, August 12th. Finally, Jefferies Financial Group lowered their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of 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 purchasing an additional 999,194 shares in the last quarter. Pinnacle Associates Ltd. grew its position in shares of 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 purchasing an additional 1,105,813 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Plug Power by 37.0% during the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after purchasing an additional 923,579 shares in the last quarter. Swedbank AB acquired a new position in shares of Plug Power during the 1st quarter worth approximately $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Plug Power by 5.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock worth $10,022,000 after purchasing an additional 150,088 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $1.97 on Friday. The company’s 50-day moving average price is $2.03 and its two-hundred day moving average price is $2.55. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. Plug Power has a one year low of $1.60 and a one year high of $7.90.

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