Plug Power, Inc. (NASDAQ:PLUG) Receives $2.80 Average Price Target from Brokerages

Shares of Plug Power, Inc. (NASDAQ:PLUG) have received a consensus recommendation of “Hold” from the eighteen brokerages that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $2.7958.

A number of analysts recently commented on PLUG shares. HSBC set a $4.40 price objective on shares of Plug Power in a report on Thursday, October 9th. Cowen reissued a “buy” rating on shares of Plug Power in a research note on Wednesday, November 19th. Wall Street Zen downgraded Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. Hsbc Global Res raised Plug Power to a “strong-buy” rating in a report on Thursday, October 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Plug Power in a research report on Monday, November 24th.

Insider Activity

In other Plug Power news, insider Jose Luis Crespo acquired 37,300 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were purchased at an average cost of $2.34 per share, with a total value of $87,282.00. Following the purchase, the insider owned 307,332 shares in the company, valued at approximately $719,156.88. The trade was a 13.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Benjamin Haycraft sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total transaction of $88,000.00. Following the transaction, the insider owned 373,809 shares of the company’s stock, valued at $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 60,000 shares of company stock worth $155,200 over the last quarter. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brave Asset Management Inc. grew its stake in Plug Power by 603.8% during the second quarter. Brave Asset Management Inc. now owns 140,400 shares of the electronics maker’s stock worth $209,000 after buying an additional 120,450 shares during the period. Legal & General Group Plc lifted its holdings in shares of Plug Power by 59.9% during the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker’s stock valued at $25,301,000 after acquiring an additional 6,364,483 shares in the last quarter. Baader Bank Aktiengesellschaft boosted its position in Plug Power by 3,034.2% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 652,950 shares of the electronics maker’s stock worth $973,000 after purchasing an additional 632,117 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker’s stock valued at $5,656,000 after purchasing an additional 3,794,740 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Plug Power by 14.9% in the second quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker’s stock valued at $35,872,000 after purchasing an additional 3,125,542 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Trading Down 1.8%

Shares of PLUG stock opened at $1.94 on Friday. The business’s fifty day moving average price is $2.31 and its 200 day moving average price is $2.07. The firm has a market capitalization of $2.69 billion, a PE ratio of -0.82 and a beta of 1.74. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.70. Plug Power has a 1-year low of $0.69 and a 1-year high of $4.58.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Monday, November 10th. The electronics maker reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The company had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. As a group, sell-side analysts forecast that Plug Power will post -1.21 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.