Plug Power, Inc. (PLUG) PT Raised to $4.00

Plug Power, Inc. (NASDAQ:PLUG) had its price target increased by Craig Hallum from $3.00 to $4.00 in a research note released on Friday morning. Craig Hallum currently has a buy rating on the electronics maker’s stock.

Other equities research analysts also recently issued research reports about the company. Cowen and Company set a $3.00 price objective on Plug Power and gave the stock a buy rating in a research report on Thursday, August 10th. HC Wainwright set a $4.00 price objective on Plug Power and gave the stock a buy rating in a research report on Wednesday, August 9th. Rodman & Renshaw reiterated a buy rating and issued a $4.00 price objective on shares of Plug Power in a research report on Monday, July 24th. Zacks Investment Research upgraded Plug Power from a hold rating to a buy rating and set a $2.50 price objective on the stock in a research report on Friday, July 28th. Finally, ValuEngine raised Plug Power from a sell rating to a hold rating in a research note on Friday, July 7th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Plug Power currently has a consensus rating of Hold and a consensus target price of $2.98.

Plug Power (PLUG) opened at 2.87 on Friday. The stock has a 50 day moving average price of $2.40 and a 200 day moving average price of $2.16. Plug Power has a 52 week low of $0.83 and a 52 week high of $3.07. The company’s market cap is $644.98 million.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). Plug Power had a negative return on equity of 86.35% and a negative net margin of 112.95%. The business had revenue of $22.60 million during the quarter, compared to analysts’ expectations of $28.58 million. During the same quarter last year, the business posted ($0.04) EPS. The company’s quarterly revenue was up 10.5% on a year-over-year basis. On average, equities analysts forecast that Plug Power will post ($0.32) earnings per share for the current year.

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In other news, Director George C. Mcnamee bought 200,000 shares of Plug Power stock in a transaction that occurred on Friday, September 15th. The shares were acquired at an average price of $2.20 per share, with a total value of $440,000.00. Following the completion of the purchase, the director now directly owns 486,131 shares in the company, valued at $1,069,488.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC bought a new position in Plug Power in the second quarter valued at $102,000. Geode Capital Management LLC increased its stake in Plug Power by 30.4% in the first quarter. Geode Capital Management LLC now owns 1,750,660 shares of the electronics maker’s stock valued at $2,415,000 after acquiring an additional 407,653 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in Plug Power by 34.4% in the first quarter. Asset Management One Co. Ltd. now owns 286,299 shares of the electronics maker’s stock valued at $395,000 after acquiring an additional 73,274 shares during the last quarter. First Trust Advisors LP increased its stake in Plug Power by 44.2% in the second quarter. First Trust Advisors LP now owns 232,094 shares of the electronics maker’s stock valued at $473,000 after acquiring an additional 71,126 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Plug Power by 14.1% in the first quarter. Bank of New York Mellon Corp now owns 783,035 shares of the electronics maker’s stock valued at $1,080,000 after acquiring an additional 96,793 shares during the last quarter. 23.49% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

Analyst Recommendations for Plug Power (NASDAQ:PLUG)

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