Plug Power, Inc. (NASDAQ:PLUG) Receives $3.59 Consensus Price Target from Brokerages

Plug Power, Inc. (NASDAQ:PLUG) has been assigned a consensus rating of “Hold” from the seventeen ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, five have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $3.5875.

PLUG has been the subject of several analyst reports. Susquehanna cut their target price on Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a research note on Friday, July 10th. Morgan Stanley increased their price target on shares of Plug Power from $1.50 to $1.65 and gave the stock an “underweight” rating in a report on Thursday, July 9th. Craig Hallum restated a “buy” rating on shares of Plug Power in a research report on Tuesday, August 11th. Canaccord Genuity Group raised their price objective on shares of Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Finally, BMO Capital Markets boosted their price objective on shares of Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research note on Tuesday, May 12th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Plug Power by 12.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,607,153 shares of the electronics maker’s stock valued at $3,520,000 after acquiring an additional 297,754 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Plug Power during the first quarter worth about $37,000. JPMorgan Chase & Co. increased its position in shares of Plug Power by 6.8% in the second quarter. JPMorgan Chase & Co. now owns 1,504,744 shares of the electronics maker’s stock worth $2,242,000 after purchasing an additional 95,876 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Plug Power by 87.2% in the second quarter. Prudential Financial Inc. now owns 111,945 shares of the electronics maker’s stock worth $167,000 after purchasing an additional 52,135 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Plug Power by 24.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 73,084 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 14,471 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Performance

Shares of PLUG stock opened at $2.17 on Friday. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of -1.72 and a beta of 2.21. The company’s fifty day simple moving average is $2.24 and its two-hundred day simple moving average is $2.61. Plug Power has a 1 year low of $1.41 and a 1 year high of $4.58. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.The company had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $169.11 million. Plug Power’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, analysts anticipate that Plug Power will post -0.26 earnings per share for the current year.

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.