Analysts Set Plug Power Inc. (NASDAQ:PLUG) Target Price at $1.99

Plug Power Inc. (NASDAQ:PLUG) has earned an average recommendation of “Hold” from the seventeen research firms that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $1.91.

PLUG has been the topic of a number of research analyst reports. B. Riley reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price target on Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 14th. Morgan Stanley reduced their price target on Plug Power from $1.25 to $0.50 and set an “underweight” rating on the stock in a research note on Monday. Piper Sandler cut their price target on shares of Plug Power from $1.10 to $0.80 and set an “underweight” rating on the stock in a report on Wednesday, May 14th. Finally, Susquehanna cut their price target on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a report on Monday, April 14th.

Insiders Place Their Bets

In other news, CFO Paul B. Middleton bought 350,000 shares of the company’s stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $0.72 per share, with a total value of $252,000.00. Following the completion of the transaction, the chief financial officer now owns 1,908,064 shares of the company’s stock, valued at approximately $1,373,806.08. This trade represents a 22.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mariner LLC lifted its position in Plug Power by 29.7% during the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker’s stock valued at $379,000 after purchasing an additional 40,710 shares in the last quarter. Norges Bank purchased a new position in Plug Power during the fourth quarter valued at $146,465,000. Wells Fargo & Company MN lifted its position in Plug Power by 2.7% during the fourth quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker’s stock valued at $5,720,000 after purchasing an additional 70,187 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Plug Power during the fourth quarter valued at $320,000. Finally, Northern Trust Corp lifted its stake in shares of Plug Power by 11.1% during the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after buying an additional 790,650 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Stock Performance

NASDAQ PLUG opened at $0.79 on Friday. The company’s 50 day simple moving average is $1.11 and its two-hundred day simple moving average is $1.76. The stock has a market capitalization of $850.60 million, a PE ratio of -0.37 and a beta of 2.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. Plug Power has a 1 year low of $0.69 and a 1 year high of $3.55.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. Analysts predict that Plug Power will post -1.21 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.