Plug Power (NASDAQ:PLUG) Price Target Cut to $2.40

Plug Power (NASDAQ:PLUG) had its price objective lowered by Piper Sandler from $2.50 to $2.40 in a research report report published on Monday morning, Benzinga reports. Piper Sandler currently has an underweight rating on the electronics maker’s stock.

A number of other research firms also recently issued reports on PLUG. Susquehanna dropped their price target on Plug Power from $3.50 to $3.00 and set a neutral rating on the stock in a research note on Friday, May 10th. Morgan Stanley dropped their price target on Plug Power from $3.00 to $2.50 and set an underweight rating on the stock in a research note on Friday, May 10th. Canaccord Genuity Group dropped their price target on Plug Power from $4.00 to $3.00 and set a hold rating on the stock in a research note on Monday, May 13th. B. Riley upgraded Plug Power to a strong-buy rating in a research note on Tuesday, June 25th. Finally, Marathon Capitl restated an equal weight rating on shares of Plug Power in a research note on Tuesday, March 26th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Plug Power presently has an average rating of Hold and a consensus price target of $5.48.

Plug Power Price Performance

Shares of PLUG opened at $2.33 on Monday. The business’s fifty day simple moving average is $2.83 and its two-hundred day simple moving average is $3.17. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. Plug Power has a 12 month low of $2.21 and a 12 month high of $13.17.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Thursday, May 9th. The electronics maker reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.11). Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business had revenue of $120.26 million for the quarter, compared to analysts’ expectations of $162.92 million. On average, equities analysts expect that Plug Power will post -1.12 earnings per share for the current year.

Insider Transactions at Plug Power

In other news, Director George C. Mcnamee sold 10,000 shares of Plug Power stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the sale, the director now directly owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Plug Power

Several large investors have recently made changes to their positions in PLUG. Norges Bank purchased a new position in Plug Power in the fourth quarter worth about $97,800,000. Swedbank AB purchased a new position in Plug Power in the first quarter worth about $10,687,000. SG Americas Securities LLC grew its position in Plug Power by 134.0% in the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after acquiring an additional 1,407,858 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Plug Power in the fourth quarter worth about $5,133,000. Finally, Pinnacle Associates Ltd. grew its position in Plug Power by 41.4% in the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after acquiring an additional 1,105,813 shares in the last quarter. 43.48% of the stock is owned by 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.