Plug Power’s (PLUG) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Plug Power (NASDAQ:PLUG) in a research report released on Wednesday morning,Benzinga reports. The firm currently has a $18.00 target price on the electronics maker’s stock. HC Wainwright also issued estimates for Plug Power’s Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.36) EPS, FY2025 earnings at ($0.49) EPS, FY2026 earnings at ($0.39) EPS, FY2027 earnings at ($0.21) EPS and FY2028 earnings at $0.11 EPS.

PLUG has been the topic of a number of other research reports. Jefferies Financial Group reduced their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Piper Sandler reduced their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Royal Bank of Canada lowered their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Wells Fargo & Company reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Finally, Canaccord Genuity Group dropped their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

PLUG stock opened at $1.87 on Wednesday. The business’s fifty day moving average price is $2.08 and its 200 day moving average price is $2.40. Plug Power has a 12-month low of $1.60 and a 12-month high of $5.14. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.64 billion, a PE ratio of -0.87 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the company earned ($0.47) earnings per share. The firm’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, sell-side analysts anticipate that Plug Power will post -1.16 EPS for the current year.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the business. Pitcairn Co. boosted its stake in shares of Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 4,169 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors boosted its stake in shares of Plug Power by 18.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after purchasing an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after buying an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC raised 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 during the last quarter. Hedge funds and other institutional investors 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.