Brokerages Set Plug Power Inc. (NASDAQ:PLUG) Target Price at $1.83

Shares of Plug Power Inc. (NASDAQ:PLUG) have been assigned an average recommendation of “Hold” from the seventeen research firms that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $1.83.

PLUG has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Plug Power in a research report on Monday, March 24th. Truist Financial decreased their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. Morgan Stanley reduced their target price on shares of Plug Power from $1.25 to $0.50 and set an “underweight” rating for the company in a report on Monday, May 19th. BMO Capital Markets reduced their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price target on shares of Plug Power from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 14th.

Insider Buying and Selling

In other news, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction on Monday, June 9th. The shares were bought at an average cost of $1.03 per share, with a total value of $669,500.00. Following the completion of the purchase, the insider now directly owns 2,558,064 shares of the company’s stock, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently bought and sold shares of the company. Oppenheimer & Co. Inc. purchased a new stake in shares of Plug Power in the 4th quarter valued at approximately $25,000. Jones Financial Companies Lllp boosted its holdings in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after buying an additional 6,074 shares in the last quarter. Callan Family Office LLC acquired a new position in shares of Plug Power in the 4th quarter valued at $27,000. Ground Swell Capital LLC acquired a new position in shares of Plug Power in the 4th quarter valued at $27,000. Finally, Savant Capital LLC purchased a new stake in Plug Power in the 4th quarter valued at $31,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Stock Performance

Plug Power stock opened at $1.29 on Wednesday. The company’s 50-day moving average price is $0.93 and its 200-day moving average price is $1.62. Plug Power has a twelve month low of $0.69 and a twelve month high of $3.34. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.39 billion, a PE ratio of -0.60 and a beta of 2.17.

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

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.