Plug Power (NASDAQ:PLUG) Price Target Cut to $1.40 by Analysts at Piper Sandler

Plug Power (NASDAQ:PLUG) had its price objective reduced by equities researchers at Piper Sandler from $1.60 to $1.40 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the electronics maker’s stock. Piper Sandler’s target price would indicate a potential downside of 25.13% from the stock’s current price.

PLUG has been the subject of a number of other research reports. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday. Susquehanna dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Plug Power in a report on Wednesday. Evercore ISI dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Craig Hallum reduced their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Plug Power has an average rating of “Hold” and an average price target of $4.52.

Plug Power Stock Down 5.1 %

PLUG opened at $1.87 on Thursday. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The company’s 50-day moving average price is $2.08 and its two-hundred day moving average price is $2.40. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -0.87 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.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the company posted ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, equities analysts expect that Plug Power will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the stock. Pitcairn Co. raised its position in shares of Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 4,169 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after buying an additional 4,700 shares during the last quarter. Arkadios Wealth Advisors raised its holdings in Plug Power by 18.2% in the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after buying an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Plug Power by 0.7% in 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 grew its holdings in shares of Plug Power by 79.9% during 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. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.