Plug Power (NASDAQ:PLUG) Price Target Lowered to $3.00 at Canaccord Genuity Group

Plug Power (NASDAQ:PLUG) had its price target reduced by Canaccord Genuity Group from $4.00 to $3.00 in a research note published on Monday, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the electronics maker’s stock.

PLUG has been the topic of several other reports. BMO Capital Markets downgraded Plug Power from a market perform rating to an underperform rating and cut their target price for the company from $3.50 to $2.50 in a research report on Wednesday, January 24th. HSBC reduced their price objective on Plug Power from $9.00 to $8.50 and set a buy rating for the company in a research note on Tuesday, March 5th. Susquehanna dropped their target price on Plug Power from $3.50 to $3.00 and set a neutral rating on the stock in a research report on Friday, May 10th. Craig Hallum reduced their price target on shares of Plug Power from $6.00 to $5.00 and set a buy rating for the company in a research report on Monday, March 4th. Finally, Roth Mkm raised shares of Plug Power from a neutral rating to a buy rating and upped their price objective for the company from $4.50 to $9.00 in a report on Wednesday, January 31st. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Plug Power presently has a consensus rating of Hold and an average price target of $5.49.

Plug Power Stock Down 2.3 %

Shares of PLUG traded down $0.08 during trading hours on Monday, hitting $3.35. The company had a trading volume of 13,918,532 shares, compared to its average volume of 41,704,055. Plug Power has a one year low of $2.25 and a one year high of $13.44. The company’s fifty day moving average price is $3.02 and its two-hundred day moving average price is $3.76. The company has a market capitalization of $2.49 billion, a PE ratio of -1.43 and a beta of 1.64. The company has a current ratio of 1.94, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.52). The firm had revenue of $222.20 million for the quarter, compared to the consensus estimate of $234.21 million. Plug Power had a negative return on equity of 43.10% and a negative net margin of 181.96%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.38) EPS. As a group, equities analysts forecast that Plug Power will post -1.09 earnings per share for the current fiscal year.

Insider Transactions at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $2.56, for a total value of $25,600.00. Following the sale, the director now owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Tidal Investments LLC lifted its position in shares of Plug Power by 57.8% during the 1st quarter. Tidal Investments LLC now owns 234,580 shares of the electronics maker’s stock worth $807,000 after buying an additional 85,923 shares during the last quarter. Murchinson Ltd. acquired a new stake in Plug Power during the 1st quarter worth $184,000. B. Riley Wealth Advisors Inc. lifted its position in Plug Power by 33.5% in the first quarter. B. Riley Wealth Advisors Inc. now owns 36,135 shares of the electronics maker’s stock valued at $124,000 after acquiring an additional 9,060 shares during the last quarter. Oxford Wealth Group LLC acquired a new position in Plug Power in the first quarter valued at $184,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Plug Power by 4.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 511,548 shares of the electronics maker’s stock worth $1,760,000 after purchasing an additional 20,199 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.