Plug Power, Inc. (NASDAQ:PLUG) Receives $3.42 Consensus Target Price from Brokerages

Plug Power, Inc. (NASDAQ:PLUG) has been assigned an average recommendation of “Hold” from the fifteen research firms that are presently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $3.4150.

Several brokerages have weighed in on PLUG. Wells Fargo & Company boosted their price objective on Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, May 19th. Jefferies Financial Group dropped their target price on shares of Plug Power from $2.00 to $1.80 and set a “hold” rating for the company in a report on Monday, March 9th. Canaccord Genuity Group upped their price target on Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. TD Cowen upped their price target on Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Finally, B. Riley Financial upped their price target on Plug Power from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th.

Plug Power Stock Down 4.1%

Shares of PLUG opened at $3.95 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40. Plug Power has a 1 year low of $0.81 and a 1 year high of $4.58. The stock has a 50 day simple moving average of $3.05 and a two-hundred day simple moving average of $2.47. The firm has a market cap of $5.51 billion, a P/E ratio of -2.99 and a beta of 2.06.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, May 11th. The electronics maker reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. During the same quarter in the previous year, the company posted ($0.21) earnings per share. The business’s revenue was up 22.3% on a year-over-year basis. On average, analysts forecast that Plug Power will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Plug Power by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after acquiring an additional 19,967,339 shares in the last quarter. State Street Corp boosted its holdings in Plug Power by 29.9% in the fourth quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock valued at $63,549,000 after acquiring an additional 7,416,943 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Plug Power by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock valued at $61,611,000 after acquiring an additional 3,456,323 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Plug Power by 97.4% in the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock valued at $62,689,000 after acquiring an additional 13,685,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Plug Power by 241.2% in the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after acquiring an additional 12,820,616 shares in the last quarter. Institutional investors own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.