Plug Power (NASDAQ:PLUG) Price Target Lowered to $2.25 at Canaccord Genuity Group

Plug Power (NASDAQ:PLUG) had its price target cut by Canaccord Genuity Group from $2.50 to $2.25 in a report released on Wednesday,Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

Several other brokerages have also recently commented on PLUG. Jefferies Financial Group reduced their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday. Craig Hallum dropped their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Wells Fargo & Company dropped their target price on shares of 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. Finally, 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. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average price target of $4.75.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $1.97 on Wednesday. The company has a 50 day moving average of $2.06 and a 200 day moving average of $2.41. The stock has a market cap of $1.73 billion, a P/E ratio of -0.92 and a beta of 1.81. 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 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last issued 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). The firm had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 47.36%. Plug Power’s revenue was down 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.47) EPS. As a group, sell-side analysts forecast that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its holdings in Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Plug Power by 5.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after purchasing an additional 33,311 shares during the period. Gabelli Funds LLC increased its position in Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock valued at $860,000 after purchasing an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Plug Power by 25.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock valued at $4,532,000 after purchasing an additional 400,120 shares during the period. Finally, Diversified Trust Co purchased a new position in Plug Power during the 2nd quarter valued at $35,000. 43.48% of the stock is currently owned by 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.