Plug Power (NASDAQ:PLUG) Given New $2.50 Price Target at Royal Bank of Canada

Plug Power (NASDAQ:PLUG) had its price objective cut by analysts at Royal Bank of Canada from $3.50 to $2.50 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the electronics maker’s stock. Royal Bank of Canada’s price objective points to a potential upside of 25.63% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. TD Cowen reduced their price objective on shares of Plug Power from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Susquehanna lowered their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday. Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday. B. Riley raised Plug Power to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Craig Hallum cut their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.19.

Plug Power Stock Performance

NASDAQ PLUG traded up $0.02 during trading hours on Monday, reaching $1.99. 13,360,831 shares of the company were exchanged, compared to its average volume of 40,071,359. The company has a quick ratio of 0.87, a current ratio of 1.94 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.48 billion, a P/E ratio of -0.83 and a beta of 1.81. The business’s 50 day simple moving average is $2.61 and its 200-day simple moving average is $3.08. Plug Power has a 1 year low of $1.93 and a 1 year high of $9.38.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The company had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. During the same period last year, the company posted ($0.35) EPS. The business’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, equities research analysts expect that Plug Power will post -1.1 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Independent Advisor Alliance bought a new stake in shares of Plug Power in the 4th quarter worth approximately $45,000. Mosley Wealth Management purchased a new position in Plug Power during the 1st quarter valued at $35,000. J.W. Cole Advisors Inc. bought a new position in Plug Power in the 1st quarter worth $36,000. HighPoint Advisor Group LLC purchased a new stake in shares of Plug Power in the 4th quarter worth about $48,000. Finally, HBK Sorce Advisory LLC bought a new stake in shares of Plug Power during the 1st quarter valued at about $37,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.