Plug Power (NASDAQ:PLUG) Stock Keeps “Buy” Rating at HC Wainwright

Plug Power (NASDAQ:PLUG)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a report issued on Tuesday, Benzinga reports. They currently have a $7.00 price target on the electronics maker’s stock. HC Wainwright‘s price objective would suggest a potential upside of 366.67% from the company’s previous close.

A number of other equities research analysts also recently issued reports on PLUG. Susquehanna lowered their price target on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Wednesday, October 14th. UBS Group restated a “buy” rating and issued a $5.00 price objective on shares of Plug Power in a research report on Tuesday, August 11th. Morgan Stanley reaffirmed an “underweight” rating and set a $1.20 price objective on shares of Plug Power in a research note on Wednesday, October 14th. KeyCorp reaffirmed a “sector weight” rating on shares of Plug Power in a report on Tuesday. Finally, Wall Street Zen upgraded shares of Plug Power from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $3.40.

Plug Power Stock Performance

NASDAQ:PLUG opened at $1.50 on Tuesday. The business’s fifty day moving average is $1.76 and its 200 day moving average is $2.36. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -1.19 and a beta of 2.13. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. Plug Power has a 52-week low of $1.30 and a 52-week high of $4.33.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, November 9th. The electronics maker reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.05). The company had revenue of $200.60 million during the quarter, compared to the consensus estimate of $198.36 million. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%. Research analysts predict that Plug Power will post -0.25 EPS for the current year.

Insider Buying and Selling

In related news, insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the completion of the transaction, the insider directly owned 101,249 shares in the company, valued at $216,672.86. The trade was a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 241,935 shares of company stock worth $509,397 in the last three months. 1.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLUG. BlackRock Inc. increased its position in shares of Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock worth $498,728,000 after purchasing an additional 31,939,194 shares during the last quarter. State Street Corp raised its stake in Plug Power by 6.1% in the second quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock valued at $105,049,000 after purchasing an additional 2,214,427 shares in the last quarter. Renaissance Technologies LLC raised its stake in Plug Power by 97.4% in 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 in the last quarter. Handelsbanken Fonder AB lifted its position in Plug Power by 446.9% during the second 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 during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in 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. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power News Summary

Here are the key news stories impacting Plug Power this week:

• Positive Sentiment: Plug reported Q3 revenue of $200.6 million, above analysts’ $198.36 million estimate. It also reaffirmed its 15%–16% revenue-growth outlook and forecast roughly $280 million in Q4 revenue, while targeting positive EBITDAS. Plug reaffirms revenue growth outlook and Q4 forecast
• Negative Sentiment: The company’s Q3 loss of $0.12 per share was wider than the $0.07 loss analysts expected and matched its year-ago loss, underscoring that profitability remains elusive. Plug reports Q3 loss and beats revenue estimates

Plug Power Company Profile

Plug Power Inc develops hydrogen fuel cell and hydrogen-generation solutions for businesses seeking alternatives to conventional power and fuel sources. Its offerings include fuel cell systems, electrolyzers that produce hydrogen, hydrogen storage and handling equipment, and related infrastructure and services.

The company’s products are used in applications such as material-handling equipment, including warehouse forklifts, as well as stationary power and other industrial and mobility uses.