Craig Hallum Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price objective lowered by investment analysts at Craig Hallum from $4.00 to $3.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the electronics maker’s stock. Craig Hallum’s target price would suggest a potential upside of 60.43% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. 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 report on Monday, August 12th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Wednesday. Evercore ISI decreased their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company lowered their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

NASDAQ PLUG opened at $1.87 on Thursday. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14. The stock’s 50-day moving average is $2.08 and its two-hundred day moving average is $2.40. The firm has a market cap of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. 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 issued its quarterly earnings data 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). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same period in the previous year, the business posted ($0.47) earnings per share. The firm’s revenue was down 12.6% on a year-over-year basis. On average, analysts anticipate that Plug Power will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently added to or reduced their stakes in the stock. Duff & Phelps Investment Management Co. raised its holdings in shares of Plug Power by 31.7% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after buying an additional 18,110 shares in the last quarter. Main Management ETF Advisors LLC bought a new stake in Plug Power in the third quarter valued at $823,000. XTX Topco Ltd acquired a new position in Plug Power during the third quarter worth $2,174,000. Stifel Financial Corp lifted its holdings in shares of Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after acquiring an additional 265,514 shares during the period. Finally, Millburn Ridgefield Corp boosted its stake in shares of Plug Power by 79.9% in the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.