Plug Power, Inc. (NASDAQ:PLUG) Stock Has Consensus Price Target of $3.40

Plug Power, Inc. (NASDAQ:PLUG) has been assigned a consensus rating of “Hold” from the sixteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $3.40.

Several research analysts recently issued reports on the stock. Oppenheimer reissued a “market perform” rating on shares of Plug Power in a report on Tuesday, August 11th. Craig Hallum reaffirmed a “buy” rating on shares of Plug Power in a report on Tuesday, August 11th. Weiss Ratings raised shares of Plug Power from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 21st. Susquehanna cut their price target on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research report on Wednesday, October 14th. Finally, Jefferies Financial Group upgraded Plug Power to a “hold” rating in a research note on Thursday, September 3rd.

Plug Power Price Performance

Shares of NASDAQ:PLUG opened at $1.37 on Friday. Plug Power has a twelve month low of $1.34 and a twelve month high of $4.33. The company has a current ratio of 2.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.29. The company has a market cap of $1.91 billion, a PE ratio of -1.09 and a beta of 2.28. The company’s 50 day moving average is $1.93 and its 200 day moving average is $2.41.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The business had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The firm’s revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Plug Power will post -0.25 EPS for the current year.

Insider Activity at Plug Power

In related news, insider Benjamin Haycraft sold 200,000 shares of the firm’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 sale, the insider directly owned 101,249 shares of the company’s stock, valued at $216,672.86. This trade represents a 66.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 241,935 shares of company stock valued at $509,397 in the last quarter. 1.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLUG. BlackRock Inc. increased its holdings in shares of Plug Power by 21.0% during the 2nd quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock valued at $498,728,000 after purchasing an additional 31,939,194 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Plug Power in the 2nd quarter valued at $4,779,000. Russell Investments Group Ltd. lifted its stake in shares of Plug Power by 553.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker’s stock valued at $1,925,000 after purchasing an additional 601,816 shares during the period. California State Teachers Retirement System lifted its stake in shares of Plug Power by 45.6% in the 1st quarter. California State Teachers Retirement System now owns 1,560,305 shares of the electronics maker’s stock valued at $3,526,000 after purchasing an additional 488,883 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Plug Power by 97.4% during the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after buying an additional 13,685,900 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

About Plug Power

Plug Power Inc is a clean-energy technology company that develops hydrogen and fuel-cell solutions for commercial and industrial customers. Founded in 1997 and headquartered in Latham, New York, the company focuses on replacing conventional batteries and fossil-fuel-powered equipment with hydrogen-based power systems.

Its product portfolio includes fuel-cell systems for material-handling equipment, backup and stationary power, and commercial vehicles; hydrogen engines and fuel-cell stacks; electrolyzers that produce hydrogen from water; and hydrogen generation, storage, and delivery infrastructure.