B. Riley Cuts Plug Power (NASDAQ:PLUG) Price Target to $3.00

Plug Power (NASDAQ:PLUG) had its price objective reduced by equities researchers at B. Riley from $4.00 to $3.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the electronics maker’s stock. B. Riley’s price target points to a potential upside of 83.49% from the stock’s previous close. B. Riley also issued estimates for Plug Power’s Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($1.27) EPS, FY2025 earnings at ($0.60) EPS and FY2026 earnings at ($0.41) EPS.

A number of other research analysts have also issued reports on PLUG. Wells Fargo & Company cut their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 14th. Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Susquehanna lowered their price target on Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a research report on Wednesday. Canaccord Genuity Group cut their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Finally, BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.85.

Plug Power Stock Up 0.9 %

NASDAQ PLUG traded up $0.02 during trading on Wednesday, hitting $1.64. The company’s stock had a trading volume of 39,118,348 shares, compared to its average volume of 68,051,406. Plug Power has a fifty-two week low of $1.37 and a fifty-two week high of $4.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market cap of $1.49 billion, a PE ratio of -0.76 and a beta of 1.79. The business’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $2.11.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PLUG. Creative Planning raised its position in Plug Power by 35.9% during the third quarter. Creative Planning now owns 115,614 shares of the electronics maker’s stock worth $261,000 after acquiring an additional 30,552 shares during the period. Private Advisor Group LLC increased its stake in shares of Plug Power by 53.2% during the third quarter. Private Advisor Group LLC now owns 65,594 shares of the electronics maker’s stock worth $148,000 after purchasing an additional 22,770 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Plug Power by 135.7% during the 3rd quarter. International Assets Investment Management LLC now owns 23,201 shares of the electronics maker’s stock worth $52,000 after purchasing an additional 13,357 shares during the last quarter. Van ECK Associates Corp lifted its stake in Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after buying an additional 809,187 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new stake in Plug Power in the 3rd quarter worth about $204,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.