Canaccord Genuity Group Cuts Plug Power (NASDAQ:PLUG) Price Target to $1.00

Plug Power (NASDAQ:PLUG) had its price objective reduced by Canaccord Genuity Group from $1.25 to $1.00 in a report released on Tuesday morning,Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

PLUG has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Plug Power in a research note on Monday, March 24th. Morgan Stanley lowered their target price on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research note on Thursday, March 6th. BMO Capital Markets lowered their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. B. Riley lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $1.99.

Plug Power Trading Down 10.9%

Shares of NASDAQ PLUG opened at $0.70 on Tuesday. Plug Power has a twelve month low of $0.70 and a twelve month high of $3.55. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $1.15 and a 200-day simple moving average of $1.78. The stock has a market capitalization of $715.43 million, a PE ratio of -0.33 and a beta of 2.19.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. On average, equities analysts forecast that Plug Power will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Pacific Sage Partners LLC acquired a new position in shares of Plug Power during the 4th quarter worth about $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power during the 4th quarter worth about $25,000. Jones Financial Companies Lllp boosted its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Miracle Mile Advisors LLC acquired a new position in shares of Plug Power during the 1st quarter worth about $26,000. Finally, Callan Family Office LLC acquired a new position in shares of Plug Power during the 4th quarter worth about $27,000. 43.48% of the stock is 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.