Evercore ISI Lowers Plug Power (NASDAQ:PLUG) Price Target to $4.00

Plug Power (NASDAQ:PLUG) had its price target reduced by investment analysts at Evercore ISI from $5.00 to $4.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the electronics maker’s stock. Evercore ISI’s target price suggests a potential upside of 103.05% from the stock’s previous close.

PLUG has been the subject of a number of other reports. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Craig Hallum dropped their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Susquehanna decreased their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Canaccord Genuity Group dropped their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Four research 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

Shares of PLUG stock opened at $1.97 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $2.07 and a two-hundred day simple moving average of $2.41. Plug Power has a 12 month low of $1.60 and a 12 month high of $5.14. The firm has a market capitalization of $1.73 billion, a PE ratio of -0.92 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last posted its earnings results 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 return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same period in the previous year, the firm earned ($0.47) earnings per share. The company’s revenue was down 12.6% on a year-over-year basis. Analysts forecast that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. Empowered Funds LLC purchased a new position in Plug Power in the 1st quarter worth approximately $48,000. Swiss National Bank boosted its holdings in shares of Plug Power by 0.8% in the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock worth $3,701,000 after purchasing an additional 8,300 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Plug Power during the 1st quarter valued at about $154,000. State Board of Administration of Florida Retirement System lifted its position in Plug Power by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after buying an additional 33,311 shares during the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in Plug Power in the first quarter worth approximately $37,000. 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.