Plug Power, Inc. (NASDAQ:PLUG) Receives Consensus Rating of “Hold” from Brokerages

Shares of Plug Power, Inc. (NASDAQ:PLUG) have received a consensus rating of “Hold” from the fifteen analysts that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $3.4150.

Several brokerages recently issued reports on PLUG. Wall Street Zen downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a report on Sunday, June 21st. Wells Fargo & Company lifted their price target on shares of Plug Power from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. Jefferies Financial Group reduced their price objective on Plug Power from $2.00 to $1.80 and set a “hold” rating on the stock in a research note on Monday, March 9th. B. Riley Financial boosted their price objective on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Susquehanna boosted their price objective on Plug Power from $2.75 to $3.75 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently bought and sold shares of PLUG. Vanguard Group Inc. grew its stake in shares of Plug Power by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock valued at $255,311,000 after purchasing an additional 19,967,339 shares during the last quarter. State Street Corp grew its stake in shares of Plug Power by 29.9% during the fourth quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock valued at $63,549,000 after purchasing an additional 7,416,943 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Plug Power by 12.4% during the fourth quarter. Geode Capital Management LLC now owns 31,268,670 shares of the electronics maker’s stock valued at $61,611,000 after purchasing an additional 3,456,323 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Plug Power by 97.4% during the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock valued at $62,689,000 after purchasing an additional 13,685,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Plug Power by 241.2% during the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock valued at $40,971,000 after purchasing an additional 12,820,616 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Trading Down 1.2%

Shares of PLUG opened at $2.54 on Friday. Plug Power has a 1 year low of $1.13 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 $3.26 and a 200-day simple moving average of $2.58. The stock has a market cap of $3.54 billion, a PE ratio of -1.92 and a beta of 2.12.

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

About Plug Power

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.