Plug Power Inc (NASDAQ:PLUG) Receives $2.96 Consensus Target Price from Analysts

Plug Power Inc (NASDAQ:PLUG) has earned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $2.96.

Several research firms recently issued reports on PLUG. B. Riley set a $3.50 price objective on Plug Power and gave the company a “buy” rating in a report on Thursday, September 26th. Cowen set a $3.00 price objective on Plug Power and gave the company a “buy” rating in a report on Tuesday, September 17th. BidaskClub downgraded Plug Power from a “hold” rating to a “sell” rating in a report on Friday. HC Wainwright set a $4.00 price objective on Plug Power and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Zacks Investment Research upgraded Plug Power from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a report on Wednesday, September 18th.

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. KAMES CAPITAL plc purchased a new stake in Plug Power during the 2nd quarter worth about $10,731,000. Nuveen Asset Management LLC purchased a new stake in Plug Power during the 2nd quarter worth about $2,800,000. Vanguard Group Inc. increased its holdings in Plug Power by 8.1% during the 2nd quarter. Vanguard Group Inc. now owns 12,247,704 shares of the electronics maker’s stock worth $27,557,000 after purchasing an additional 922,937 shares during the period. Invesco Ltd. increased its holdings in Plug Power by 56.6% during the 2nd quarter. Invesco Ltd. now owns 2,316,548 shares of the electronics maker’s stock worth $5,212,000 after purchasing an additional 836,970 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Plug Power during the 2nd quarter worth about $666,000. Institutional investors own 32.15% of the company’s stock.

Shares of PLUG stock traded up $0.07 on Friday, hitting $2.45. The stock had a trading volume of 1,966,852 shares, compared to its average volume of 4,044,318. The firm has a market capitalization of $599.67 million, a P/E ratio of -6.81 and a beta of 1.45. Plug Power has a 1 year low of $0.99 and a 1 year high of $2.94. The company’s 50 day moving average price is $2.38 and its 200-day moving average price is $2.40.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, August 6th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. The firm had revenue of $57.07 million for the quarter, compared to the consensus estimate of $52.47 million. Plug Power had a negative return on equity of 6,435.09% and a negative net margin of 44.51%. The company’s quarterly revenue was up 62.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.08) EPS. Equities analysts forecast that Plug Power will post -0.36 earnings per share for the current fiscal year.

About Plug Power

Plug Power Inc, an alternative energy technology provider, engages in the design, development, manufacture, and commercialization of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.

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