Plug Power (NASDAQ:PLUG) Stock Rating Lowered by BTIG Research

BTIG Research cut shares of Plug Power (NASDAQ:PLUG) from a buy rating to a neutral rating in a report published on Thursday morning, MarketBeat.com reports.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Evercore ISI reduced their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Piper Sandler cut their price target on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Finally, Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” 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 assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Plug Power has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.87 on Thursday. Plug Power has a 52-week low of $1.60 and a 52-week high of $5.14. The company has a fifty day moving average of $2.08 and a 200-day moving average of $2.40. The company has a market capitalization of $1.70 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 quick ratio of 0.91 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results 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). The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same period last year, the firm earned ($0.47) EPS. As a group, equities research analysts predict that Plug Power will post -1.2 EPS for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. lifted its position in shares of Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System boosted its position in Plug Power by 5.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after acquiring an additional 33,311 shares in the last quarter. Gabelli Funds LLC grew its holdings in shares of Plug Power by 42.9% during the 1st quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after acquiring an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Plug Power by 25.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after acquiring an additional 400,120 shares in the last quarter. Finally, Diversified Trust Co bought a new position in shares of Plug Power in the 2nd quarter worth approximately $35,000. Institutional investors own 43.48% of the company’s stock.

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.