Piper Sandler Has Lowered Expectations for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target reduced by research analysts at Piper Sandler from $1.60 to $1.40 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the electronics maker’s stock. Piper Sandler’s price target indicates a potential downside of 25.13% from the company’s current price.

Several other research firms have also issued reports on PLUG. Susquehanna reduced their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Wells Fargo & Company reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Thursday. Royal Bank of Canada dropped their target price 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. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Craig Hallum cut their target price on 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Trading Down 5.1 %

Shares of PLUG stock opened at $1.87 on Thursday. The company has a market capitalization of $1.64 billion, a PE ratio of -0.87 and a beta of 1.81. 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 12-month low of $1.60 and a 12-month high of $5.14. The firm has a 50 day moving average price of $2.08 and a two-hundred day moving average price of $2.40.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same period in the prior year, the firm earned ($0.47) EPS. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, analysts predict that Plug Power will post -1.16 earnings per share for the current year.

Institutional Trading of Plug Power

Institutional investors have recently made changes to their positions in the company. Pitcairn Co. boosted its holdings in Plug Power by 27.1% during the first quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 4,169 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its position in shares of Plug Power by 42.3% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after buying an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors boosted its stake in shares of Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after buying an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its position in shares of Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the last quarter. 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.