Plug Power (NASDAQ:PLUG – Free Report) had its target price lowered by Morgan Stanley from $3.00 to $2.50 in a research report sent to investors on Friday, Benzinga reports. Morgan Stanley currently has an underweight rating on the electronics maker’s stock.
Several other equities analysts have also recently commented on the stock. Roth Capital raised shares of Plug Power from a neutral rating to a buy rating in a research note on Wednesday, January 31st. Redburn Atlantic began coverage on Plug Power in a report on Tuesday, February 6th. They set a neutral rating and a $4.50 target price on the stock. Susquehanna cut their target price on Plug Power from $3.50 to $3.00 and set a neutral rating for the company in a research report on Friday. Royal Bank of Canada lowered their price target on Plug Power from $5.00 to $3.50 and set a sector perform rating on the stock in a research report on Wednesday, January 24th. Finally, Citigroup lowered Plug Power from a neutral rating to a sell rating and cut their price objective for the company from $3.25 to $2.00 in a report on Friday, April 5th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $5.90.
Read Our Latest Research Report on PLUG
Plug Power Trading Up 12.9 %
Plug Power stock opened at $2.89 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. Plug Power has a one year low of $2.25 and a one year high of $13.44. The company has a 50-day simple moving average of $3.04 and a 200-day simple moving average of $3.79.
Plug Power (NASDAQ:PLUG – Get Free Report) last announced its quarterly earnings results on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The firm had revenue of $222.20 million during the quarter, compared to analyst estimates of $234.21 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. Plug Power’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.38) EPS. On average, sell-side analysts forecast that Plug Power will post -0.94 EPS for the current year.
Insider Activity
In related news, Director George C. Mcnamee sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the transaction, the director now owns 639,572 shares of the company’s stock, valued at $1,637,304.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Plug Power
A number of large investors have recently modified their holdings of PLUG. Raymond James & Associates increased its position in shares of Plug Power by 2.2% during the 3rd quarter. Raymond James & Associates now owns 83,433 shares of the electronics maker’s stock worth $634,000 after purchasing an additional 1,783 shares during the last quarter. Financial Advocates Investment Management grew its stake in shares of Plug Power by 10.6% in the third quarter. Financial Advocates Investment Management now owns 20,840 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,992 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Plug Power by 5.5% during the third quarter. Principal Financial Group Inc. now owns 40,818 shares of the electronics maker’s stock worth $310,000 after buying an additional 2,124 shares during the last quarter. Treasurer of the State of North Carolina raised its position in Plug Power by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 233,192 shares of the electronics maker’s stock worth $1,049,000 after acquiring an additional 2,280 shares in the last quarter. Finally, Byrne Asset Management LLC lifted its stake in Plug Power by 17.1% in the third quarter. Byrne Asset Management LLC now owns 16,415 shares of the electronics maker’s stock valued at $125,000 after acquiring an additional 2,400 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.
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.
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Source: defenseworld.net
