Plug Power, Inc. (NASDAQ:PLUG) Given Average Rating of “Hold” by Brokerages

Plug Power, Inc. (NASDAQ:PLUG) has received a consensus recommendation of “Hold” from the fourteen brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, two have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $3.3050.

PLUG has been the subject of several recent analyst reports. Morgan Stanley increased their price objective on Plug Power from $1.50 to $1.65 and gave the stock an “underweight” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 10th. Wall Street Zen lowered shares of Plug Power from a “hold” rating to a “sell” rating in a report on Sunday. Wells Fargo & Company increased their target price on shares of Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 19th. Finally, BMO Capital Markets increased their target price on shares of Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research report on Tuesday, May 12th.

Institutional Trading of Plug Power

Several hedge funds have recently modified their holdings of PLUG. Vanguard Group Inc. raised its stake in shares of Plug Power by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after acquiring an additional 19,967,339 shares during the last quarter. State Street Corp grew its position in Plug Power by 29.9% during the 4th quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after acquiring an additional 7,416,943 shares during the last quarter. Geode Capital Management LLC grew its position in Plug Power by 12.4% during the 4th quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock worth $61,611,000 after acquiring an additional 3,456,323 shares during the last quarter. Renaissance Technologies LLC grew its position in Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after acquiring an additional 13,685,900 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Plug Power by 446.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after purchasing an additional 15,537,320 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Trading Down 2.6%

Shares of PLUG opened at $2.21 on Thursday. Plug Power has a 1 year low of $1.39 and a 1 year high of $4.58. The company has a current ratio of 2.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.89. The stock has a 50 day simple moving average of $3.09 and a 200-day simple moving average of $2.61. The stock has a market cap of $3.08 billion, a PE ratio of -1.67 and a beta of 2.16.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, May 11th. The electronics maker reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The business had revenue of $163.51 million during the quarter, compared to the consensus estimate of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.Plug Power’s revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) EPS. On average, sell-side analysts predict that Plug Power will post -0.25 EPS for the current fiscal year.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.