Plug Power (NASDAQ:PLUG) Price Target Cut to $2.25 by Analysts at Canaccord Genuity Group

Plug Power (NASDAQ:PLUG) had its target price lowered by Canaccord Genuity Group from $2.50 to $2.25 in a report issued on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the electronics maker’s stock.

Other equities research analysts have also recently issued reports about the stock. 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 report on Monday, August 12th. Susquehanna dropped their target price 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. Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company dropped their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Finally, Truist Financial decreased their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, eleven have issued 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.com, the company currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.87 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08. The stock’s fifty day moving average is $2.08 and its two-hundred day moving average is $2.40. The firm has a market capitalization of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) 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 for the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the previous year, the firm posted ($0.47) EPS. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, research analysts anticipate that Plug Power will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares during the last quarter. Geode Capital Management LLC raised its holdings in Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. Van ECK Associates Corp increased its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares during the period. Finally, Vontobel Holding Ltd. raised its stake in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares in the last quarter. Hedge funds and other 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.