Plug Power Inc. (NASDAQ:PLUG) Given Average Recommendation of “Hold” by Brokerages

Shares of Plug Power Inc. (NASDAQ:PLUG) have been assigned an average recommendation of “Hold” from the twenty-three brokerages that are currently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $4.52.

Several research analysts have weighed in on PLUG shares. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Wells Fargo & Company dropped their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Evercore ISI dropped their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Finally, Piper Sandler cut their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its stake in Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares during the period. XTX Topco Ltd acquired a new stake in shares of Plug Power during the third quarter valued at about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Plug Power by 24.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after acquiring an additional 476,060 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Plug Power by 166.4% in the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after acquiring an additional 265,042 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted its holdings in Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Up 0.4 %

Shares of NASDAQ:PLUG opened at $2.46 on Wednesday. The company has a market capitalization of $2.24 billion, a P/E ratio of -1.15 and a beta of 1.76. The stock’s fifty day simple moving average is $2.16 and its 200-day simple moving average is $2.28. Plug Power has a 52-week low of $1.60 and a 52-week high of $5.14. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results 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 firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.47) earnings per share. As a group, equities research analysts forecast that Plug Power will post -1.2 earnings per share for the current fiscal year.

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.