Plug Power PT Lowered to $6.00 (PLUG)
Stock analysts at Citigroup Inc. reduced their target price on shares of Plug Power (NASDAQ:PLUG) from $7.50 to $6.00 in a report issued on Thursday, TheFlyOnTheWall.com reports. The firm currently has an “outperform” rating on the stock. Citigroup Inc.’s price target points to a potential upside of 57.07% from the stock’s previous close.
Plug Power (NASDAQ:PLUG) opened at 3.82 on Thursday. Plug Power has a 52-week low of $0.22 and a 52-week high of $11.72. The stock has a 50-day moving average of $5.91 and a 200-day moving average of $3.73. The company’s market cap is $549.9 million. Plug Power also saw a large drop in short interest in April. As of April 30th, there was short interest totalling 26,059,731 shares, a drop of 12.3% from the April 15th total of 29,729,580 shares. Based on an average daily volume of 31,046,779 shares, the short-interest ratio is currently 0.8 days. Currently, 26.0% of the shares of the stock are sold short.
Plug Power (NASDAQ:PLUG) last released its earnings data on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.05) by $0.01. The company had revenue of $5.60 million for the quarter, compared to the consensus estimate of $5.35 million. During the same quarter last year, the company posted ($0.14) earnings per share. Plug Power’s revenue was down 13.6% compared to the same quarter last year. Analysts expect that Plug Power will post $-0.09 EPS for the current fiscal year.
PLUG has been the subject of a number of other recent research reports. Analysts at Cowen and Company upgraded shares of Plug Power from a “market perform” rating to an “outperform” rating in a research note on Thursday. Separately, analysts at Zacks downgraded shares of Plug Power from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $4.40 price target on the stock. Finally, analysts at Zacks upgraded shares of Plug Power from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 10th. They now have a $7.90 price target on the stock.
Plug Power Inc (NASDAQ:PLUG), is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market.
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