Plug Power (NASDAQ:PLUG) Price Target Cut to $3.00 by Analysts at Canaccord Genuity Group

Plug Power (NASDAQ:PLUGGet Free Report) had its price objective cut by investment analysts at Canaccord Genuity Group from $4.00 to $3.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the electronics maker’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 3.81% from the stock’s current price.

PLUG has been the subject of several other reports. HSBC dropped their price objective on Plug Power from $9.00 to $8.50 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Evercore ISI dropped their price objective on Plug Power from $9.00 to $6.00 and set an “outperform” rating for the company in a research note on Monday, March 4th. B. Riley dropped their price objective on Plug Power from $18.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. Citigroup lowered 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 research note on Friday, April 5th. Finally, Seaport Res Ptn lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.90.

Check Out Our Latest Stock Analysis on Plug Power

Plug Power Stock Performance

Shares of NASDAQ PLUG traded up $0.33 during trading hours on Monday, reaching $2.89. The stock had a trading volume of 33,786,622 shares, compared to its average volume of 39,774,281. The business’s fifty day moving average is $3.06 and its two-hundred day moving average is $3.81. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.94 and a quick ratio of 0.87. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -1.22 and a beta of 1.64. Plug Power has a twelve month low of $2.25 and a twelve month high of $13.44.

Plug Power (NASDAQ:PLUGGet Free Report) last issued its earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.52). The firm had revenue of $222.20 million during the quarter, compared to analyst estimates of $234.21 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.38) earnings per share. As a group, research analysts expect that Plug Power will post -0.94 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Plug Power by 1.9% in the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares during the last quarter. Norges Bank bought a new position in Plug Power during the fourth quarter worth about $97,800,000. Robeco Schweiz AG boosted its holdings in Plug Power by 3.9% during the third quarter. Robeco Schweiz AG now owns 6,201,500 shares of the electronics maker’s stock worth $47,131,000 after buying an additional 235,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in Plug Power by 41.4% during the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after buying an additional 1,105,813 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Plug Power by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock worth $15,187,000 after buying an additional 102,095 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

(Get Free Report)

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.

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