BTIG Research Downgrades Plug Power (NASDAQ:PLUG) to Neutral

Plug Power (NASDAQ:PLUG) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a report released on Thursday, Marketbeat reports.

PLUG has been the subject of a number of other research reports. Susquehanna dropped their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Piper Sandler dropped their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Plug Power in a research note on Wednesday. Canaccord Genuity Group dropped their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price target on 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. Four 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 issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Down 5.1 %

PLUG stock opened at $1.87 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91. The company has a fifty day moving average price of $2.08 and a two-hundred day moving average price of $2.40. Plug Power has a one year low of $1.60 and a one year high of $5.14. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -0.87 and a beta of 1.81.

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

Institutional Trading of Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after purchasing an additional 999,194 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position 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 valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. Van ECK Associates Corp increased its position in Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after purchasing an additional 809,187 shares during the period. Vontobel Holding Ltd. increased its position in Plug Power by 44.3% during the 3rd 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 period. Finally, Swedbank AB acquired a new stake in Plug Power during the 1st quarter valued at approximately $10,687,000. 43.48% of the stock is currently owned by institutional investors.

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.