Craig Hallum Boosts Plug Power, Inc. (PLUG) Price Target to $4.00
Plug Power, Inc. (NASDAQ:PLUG) had its price objective hoisted by Craig Hallum from $3.00 to $4.00 in a report released on Friday morning. Craig Hallum currently has a buy rating on the electronics maker’s stock.
PLUG has been the subject of a number of other reports. Zacks Investment Research downgraded shares of Plug Power from a hold rating to a sell rating in a research note on Tuesday, September 26th. Cowen and Company reissued a buy rating and set a $3.00 price target on shares of Plug Power in a research note on Sunday, September 17th. HC Wainwright set a $4.00 price target on shares of Plug Power and gave the stock a buy rating in a research note on Wednesday, August 9th. BidaskClub downgraded shares of Plug Power from a hold rating to a sell rating in a research note on Monday, July 31st. Finally, FBR & Co reissued an outperform rating and set a $3.50 price target (up from $3.00) on shares of Plug Power in a research note on Tuesday, July 25th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Plug Power currently has a consensus rating of Hold and a consensus price target of $2.98.
Plug Power (PLUG) opened at 2.97 on Friday. Plug Power has a 12-month low of $0.83 and a 12-month high of $3.06. The company’s market capitalization is $667.45 million. The stock has a 50 day moving average of $2.38 and a 200 day moving average of $2.13.
Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The company had revenue of $22.60 million during the quarter, compared to the consensus estimate of $28.58 million. During the same period in the prior year, the firm posted ($0.04) earnings per share. The company’s revenue was up 10.5% on a year-over-year basis. On average, equities research analysts predict that Plug Power will post ($0.32) EPS for the current year.
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In other Plug Power news, Director George C. Mcnamee purchased 200,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was acquired at an average cost of $2.20 per share, with a total value of $440,000.00. Following the completion of the purchase, the director now directly owns 486,131 shares in the company, valued at approximately $1,069,488.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Archford Capital Strategies LLC grew its holdings in Plug Power by 20,422.2% during the second quarter. Archford Capital Strategies LLC now owns 1,847 shares of the electronics maker’s stock valued at $115,000 after purchasing an additional 1,838 shares during the period. Adalta Capital Management LLC acquired a new position in Plug Power during the second quarter valued at approximately $106,000. California State Teachers Retirement System grew its holdings in Plug Power by 5.1% during the second quarter. California State Teachers Retirement System now owns 395,969 shares of the electronics maker’s stock valued at $808,000 after purchasing an additional 19,300 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Plug Power by 17.5% during the second quarter. The Manufacturers Life Insurance Company now owns 177,008 shares of the electronics maker’s stock valued at $361,000 after purchasing an additional 26,426 shares during the period. Finally, State Street Corp grew its holdings in Plug Power by 14.6% during the second quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock valued at $7,635,000 after purchasing an additional 477,438 shares during the period. Hedge funds and other institutional investors own 23.49% of the company’s stock.
About Plug Power
Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.
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