HC Wainwright Reaffirms “Buy” Rating for Plug Power (NASDAQ:PLUG)

Plug Power (NASDAQ:PLUG)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $18.00 price target on the electronics maker’s stock.

Other analysts also recently issued research reports about the stock. Susquehanna lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Piper Sandler lowered their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Jefferies Financial Group lowered their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Finally, Royal Bank of Canada reduced their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

PLUG opened at $1.97 on Wednesday. The firm has a 50 day moving average price of $2.07 and a 200 day moving average price of $2.41. The company has a market cap of $1.73 billion, a PE ratio of -0.92 and a beta of 1.81. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

Plug Power (NASDAQ:PLUG) last posted its earnings results 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 return on equity of 47.36% and a negative net margin of 214.05%. The business had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period last year, the company posted ($0.47) EPS. The firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. Sell-side analysts expect that Plug Power will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Large investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. increased its position 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 worth $7,744,000 after buying an additional 1,051,400 shares during the period. State Board of Administration of Florida Retirement System increased its position in Plug Power by 5.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock worth $2,065,000 after buying an additional 33,311 shares during the period. Gabelli Funds LLC increased its position in Plug Power by 42.9% in the first quarter. Gabelli Funds LLC now owns 250,000 shares of the electronics maker’s stock worth $860,000 after buying an additional 75,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Plug Power by 25.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,945,162 shares of the electronics maker’s stock worth $4,532,000 after buying an additional 400,120 shares during the period. Finally, Diversified Trust Co acquired a new stake in Plug Power in the second quarter worth $35,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Company Profile

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.