Craig Hallum Boosts Plug Power, Inc. (PLUG) Price Target to $4.00
Plug Power, Inc. (NASDAQ:PLUG) had its price target raised by investment analysts at Craig Hallum from $3.00 to $4.00 in a report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the electronics maker’s stock. Craig Hallum’s price objective would suggest a potential upside of 40.35% from the stock’s current price.
Other analysts also recently issued research reports about the company. Cowen and Company set a $3.00 target price on Plug Power and gave the company a “buy” rating in a research note on Thursday, August 10th. HC Wainwright set a $4.00 target price on Plug Power and gave the company a “buy” rating in a research note on Wednesday, August 9th. Rodman & Renshaw reissued a “buy” rating and set a $4.00 target price on shares of Plug Power in a research note on Monday, July 24th. Zacks Investment Research raised Plug Power from a “hold” rating to a “buy” rating and set a $2.50 target price on the stock in a research note 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 analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $2.98.
Plug Power (NASDAQ PLUG) opened at 2.85 on Friday. The stock’s 50 day moving average price is $2.35 and its 200 day moving average price is $2.12. Plug Power has a one year low of $0.83 and a one year high of $2.90. The stock’s market cap is $640.48 million.
Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, August 8th. The electronics maker reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The business had revenue of $22.60 million for the quarter, compared to the consensus estimate of $28.58 million. Plug Power had a negative net margin of 112.95% and a negative return on equity of 86.35%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the business posted ($0.04) EPS. Equities analysts predict that Plug Power will post ($0.32) earnings per share for the current fiscal year.
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In other news, Director George C. Mcnamee acquired 200,000 shares of Plug Power stock in a transaction 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 purchase, the director now directly owns 486,131 shares in the company, valued at approximately $1,069,488.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.90% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. increased its stake in Plug Power by 30.6% in the 2nd quarter. Vanguard Group Inc. now owns 10,432,461 shares of the electronics maker’s stock worth $21,283,000 after acquiring an additional 2,444,005 shares during the last quarter. Northern Trust Corp increased its stake in Plug Power by 39.5% in the 2nd quarter. Northern Trust Corp now owns 2,828,390 shares of the electronics maker’s stock worth $5,770,000 after acquiring an additional 800,320 shares during the last quarter. State Street Corp increased its stake in Plug Power by 14.6% in the 2nd quarter. State Street Corp now owns 3,742,566 shares of the electronics maker’s stock worth $7,635,000 after acquiring an additional 477,438 shares during the last quarter. Parametric Portfolio Associates LLC bought a new stake in Plug Power in the 1st quarter worth approximately $649,000. Finally, Schwab Charles Investment Management Inc. increased its stake in Plug Power by 58.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,217,301 shares of the electronics maker’s stock worth $2,484,000 after acquiring an additional 448,639 shares during the last quarter. 23.49% of the stock is currently owned by institutional investors and hedge funds.
About Plug Power
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.
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