Plug Power (NASDAQ:PLUG) Rating Lowered to “Hold” at TD Cowen

Plug Power (NASDAQ:PLUG) was downgraded by stock analysts at TD Cowen from a “buy” rating to a “hold” rating in a report issued on Friday. They currently have a $2.00 target price on the electronics maker’s stock. TD Cowen’s price objective would suggest a potential downside of 13.79% from the stock’s previous close.

PLUG has been the topic of a number of other reports. Hsbc Global Res upgraded shares of Plug Power to a “strong-buy” rating in a research note on Thursday, October 9th. Susquehanna reduced their price objective on Plug Power from $3.50 to $2.50 and set a “neutral” rating on the stock in a report on Monday, November 17th. Cowen cut Plug Power from a “buy” rating to a “hold” rating in a report on Friday. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Plug Power in a research report on Monday, November 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.73.

Plug Power Stock Performance

Shares of Plug Power stock opened at $2.32 on Friday. Plug Power has a 52 week low of $0.69 and a 52 week high of $4.58. The company has a market capitalization of $3.23 billion, a PE ratio of -0.98 and a beta of 1.68. The stock’s fifty day moving average is $2.22 and its two-hundred day moving average is $2.11. The company has a quick ratio of 0.70, a current ratio of 1.32 and a debt-to-equity ratio of 0.24.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The firm had revenue of $177.06 million during the quarter, compared to analyst estimates of $185.41 million. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. As a group, analysts expect that Plug Power will post -1.21 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jose Luis Crespo acquired 37,300 shares of Plug Power stock in a transaction that occurred on Monday, December 15th. The stock was purchased at an average price of $2.34 per share, for a total transaction of $87,282.00. Following the purchase, the insider directly owned 307,332 shares in the company, valued at $719,156.88. The trade was a 13.81% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total transaction of $88,000.00. Following the completion of the sale, the insider owned 373,809 shares of the company’s stock, valued at approximately $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. boosted its holdings in Plug Power by 7.6% in the third quarter. Vanguard Group Inc. now owns 109,631,956 shares of the electronics maker’s stock worth $255,442,000 after acquiring an additional 7,789,039 shares in the last quarter. Geode Capital Management LLC boosted its stake in Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock worth $35,872,000 after purchasing an additional 3,125,542 shares in the last quarter. Legal & General Group Plc grew its position in Plug Power by 4.2% during the 3rd quarter. Legal & General Group Plc now owns 17,695,077 shares of the electronics maker’s stock worth $41,230,000 after purchasing an additional 714,212 shares during the last quarter. Two Sigma Investments LP increased its stake in Plug Power by 292.1% during the 3rd quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock valued at $25,236,000 after purchasing an additional 8,068,713 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Plug Power by 18.9% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,545,805 shares of the electronics maker’s stock worth $22,179,000 after buying an additional 1,518,724 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.