Evercore ISI Lowers Plug Power (NASDAQ:PLUG) Price Target to $4.00

Plug Power (NASDAQ:PLUG) had its price objective lowered by investment analysts at Evercore ISI from $5.00 to $4.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the electronics maker’s stock. Evercore ISI’s price target would indicate a potential upside of 96.20% from the stock’s previous close.

PLUG has been the topic of several other reports. Truist Financial cut their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Wells Fargo & Company cut their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Piper Sandler cut their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Canaccord Genuity Group cut their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Royal Bank of Canada cut their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.75.

Plug Power Trading Up 6.7 %

Shares of NASDAQ PLUG traded up $0.13 during mid-day trading on Wednesday, hitting $2.04. The stock had a trading volume of 48,105,579 shares, compared to its average volume of 40,826,297. 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 has a 1 year low of $1.60 and a 1 year high of $5.14. The business has a 50 day moving average price of $2.06 and a two-hundred day moving average price of $2.41. The firm has a market cap of $1.79 billion, a P/E ratio of -0.95 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.47) earnings per share. On average, equities analysts anticipate that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PLUG. Swedbank AB bought a new position in shares of Plug Power during the 1st quarter valued at about $10,687,000. SG Americas Securities LLC boosted its holdings in shares of Plug Power by 134.0% during the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after purchasing an additional 1,407,858 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 last quarter. Vontobel Holding Ltd. boosted its holdings in shares of 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 last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

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.