Plug Power (NASDAQ:PLUG) Given New $2.25 Price Target at Canaccord Genuity Group

Plug Power (NASDAQ:PLUG) had its price objective dropped by equities researchers at Canaccord Genuity Group from $2.50 to $2.25 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the electronics maker’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 15.68% from the company’s previous close.

PLUG has been the topic of several other reports. Jefferies Financial Group decreased their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Piper Sandler decreased their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday. Truist Financial decreased their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Royal Bank of Canada decreased their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

PLUG traded down $0.03 on Wednesday, reaching $1.95. 9,723,822 shares of the company’s stock were exchanged, compared to its average volume of 40,982,941. The stock has a market cap of $1.71 billion, a PE ratio of -0.92 and a beta of 1.81. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The stock’s fifty day moving average price is $2.07 and its 200-day moving average price is $2.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91.

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

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Plug Power by 5.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,929,676 shares of the electronics maker’s stock worth $4,361,000 after buying an additional 92,736 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Plug Power by 0.7% during the 3rd 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 during the period. First Commonwealth Financial Corp PA purchased a new stake in Plug Power during the 3rd quarter worth approximately $29,000. MetLife Investment Management LLC increased its position in shares of Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after purchasing an additional 265,042 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Plug Power by 24.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares during the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.