Plug Power (NASDAQ:PLUG) Price Target Cut to $1.40 by Analysts at Piper Sandler

Plug Power (NASDAQ:PLUG) had its target price lowered by Piper Sandler from $1.60 to $1.40 in a report released on Thursday,Benzinga reports. Piper Sandler currently has an underweight rating on the electronics maker’s stock.

Several other analysts have also recently issued reports on PLUG. Jefferies Financial Group reduced their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Craig Hallum reduced their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Royal Bank of Canada dropped their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research note on Wednesday. Finally, Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Plug Power currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Trading Down 5.1 %

Shares of NASDAQ PLUG opened at $1.87 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91. The business’s 50 day moving average is $2.08 and its two-hundred day moving average is $2.40. Plug Power has a 52-week low of $1.60 and a 52-week high of $5.14.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the prior year, the firm posted ($0.47) EPS. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. As a group, equities research analysts predict that Plug Power will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the stock. SteelPeak Wealth LLC purchased a new stake in Plug Power in the second quarter valued at $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power in the second quarter valued at approximately $26,000. Aire Advisors LLC purchased a new position in shares of Plug Power during the second quarter worth approximately $28,000. Madison Park Capital Advisors LLC purchased a new position in Plug Power during the 2nd quarter worth $29,000. Finally, Profund Advisors LLC acquired a new position in Plug Power in the second quarter valued at $29,000. 43.48% of the stock is currently owned by hedge funds and other 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.