Plug Power (NASDAQ:PLUG) Downgraded to “Neutral” Rating by BTIG Research

BTIG Research cut shares of Plug Power (NASDAQ:PLUG) from a buy rating to a neutral rating in a research report sent to investors on Thursday, Marketbeat.com reports.

Other analysts also recently issued reports about the company. Jefferies Financial Group reduced their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Canaccord Genuity Group lowered their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday. Wells Fargo & Company decreased their target price on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday. Finally, Evercore ISI dropped their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Trading Down 5.1 %

Plug Power stock traded down $0.10 during trading hours on Thursday, reaching $1.87. 58,709,690 shares of the company’s stock were exchanged, compared to its average volume of 41,181,754. The firm has a market capitalization of $1.64 billion, a PE ratio of -0.89 and a beta of 1.81. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm’s 50 day simple moving average is $2.07 and its 200 day simple moving average is $2.41. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14.

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 the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.47) earnings per share. Research analysts predict that Plug Power will post -1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the 2nd quarter worth about $26,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Plug Power in the 2nd quarter worth $26,000. Aire Advisors LLC bought a new stake in shares of Plug Power during the 2nd quarter valued at about $28,000. Madison Park Capital Advisors LLC purchased a new stake in Plug Power during the second quarter valued at approximately $29,000. Finally, Profund Advisors LLC bought a new position in Plug Power in the 2nd quarter worth $29,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.