Canaccord Genuity Group Lowers Plug Power (NASDAQ:PLUG) Price Target to $2.25

Plug Power (NASDAQ:PLUG) had its price objective reduced by research analysts at Canaccord Genuity Group from $2.50 to $2.25 in a report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the electronics maker’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 15.68% from the company’s previous close.

Several other brokerages also recently weighed in on PLUG. Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Wells Fargo & Company lowered their target price on shares of 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. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday. Jefferies Financial Group lowered their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Craig Hallum lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Plug Power presently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Down 1.3 %

PLUG stock traded down $0.03 during trading on Wednesday, hitting $1.95. 9,723,822 shares of the company’s stock traded hands, compared to its average volume of 40,982,941. The firm has a market capitalization of $1.71 billion, a P/E ratio of -0.92 and a beta of 1.81. The business has a fifty day simple moving average of $2.07 and a two-hundred day simple moving average of $2.41. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.47) earnings per share. Sell-side analysts anticipate that Plug Power will post -1.16 EPS for the current year.

Institutional Trading of Plug Power

Institutional investors and hedge funds have recently modified their holdings of the stock. HBK Sorce Advisory LLC purchased a new stake in shares of Plug Power during the first quarter worth about $37,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power during the second quarter worth about $26,000. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power during the second quarter worth about $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power during the second quarter worth about $28,000. Finally, Madison Park Capital Advisors LLC purchased a new stake in shares of Plug Power during the second quarter worth about $29,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

About Plug Power

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.