Plug Power (NASDAQ:PLUG) Stock Gets Price Target Cut from Susquehanna

Key Points

• Susquehanna cut Plug Power’s price target from $2.50 to $1.75 while maintaining a “neutral” rating, implying roughly 12% upside from the prior close.
• Analyst sentiment remains mixed but averages to a “Hold” rating, with a consensus price target of $3.45. Shares opened at $1.56, near their 52-week low of $1.55.
• Plug Power reported quarterly revenue of $178.3 million, ahead of estimates, and an EPS loss of $0.07 that beat expectations; however, the company continues to post substantial negative margins and return on equity.

Plug Power (NASDAQ:PLUG - Get Free Report) had its target price reduced by equities researchers at Susquehanna from $2.50 to $1.75 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the electronics maker's stock. Susquehanna's price target indicates a potential upside of 12.18% from the company's previous close.

A number of other equities analysts have also issued reports on PLUG. Oppenheimer reissued a "market perform" rating on shares of Plug Power in a report on Tuesday, August 11th. Wall Street Zen downgraded Plug Power from a "sell" rating to a "strong sell" rating in a research note on Saturday, October 3rd. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of Plug Power in a research report on Tuesday, September 29th. UBS Group reiterated a "buy" rating and issued a $5.00 target price on shares of Plug Power in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group upgraded Plug Power to a "hold" rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $3.45.

Plug Power Stock Down 3.7%

Shares of NASDAQ:PLUG opened at $1.56 on Wednesday. The stock has a market cap of $2.18 billion, a P/E ratio of -1.24 and a beta of 2.28. The firm has a fifty day moving average price of $2.07 and a 200 day moving average price of $2.58. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32. Plug Power has a 1-year low of $1.55 and a 1-year high of $4.33.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $169.11 million. Plug Power's revenue was up 2.5% compared to the same quarter last year. Sell-side analysts predict that Plug Power will post -0.25 EPS for the current year.

Insider Buying and Selling at Plug Power

In other news, insider Benjamin Haycraft sold 200,000 shares of Plug Power stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $2.14, for a total value of $428,000.00. Following the sale, the insider owned 101,249 shares of the company's stock, valued at $216,672.86. The trade was a 66.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 232,560 shares of company stock valued at $496,178 over the last quarter. 1.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker's stock valued at $498,728,000 after buying an additional 31,939,194 shares in the last quarter. State Street Corp lifted its position in shares of Plug Power by 6.1% during the 2nd quarter. State Street Corp now owns 38,763,529 shares of the electronics maker's stock valued at $105,049,000 after acquiring an additional 2,214,427 shares during the period. Renaissance Technologies LLC lifted its position in shares of Plug Power by 97.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker's stock valued at $62,689,000 after acquiring an additional 13,685,900 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Plug Power by 446.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker's stock worth $51,529,000 after acquiring an additional 15,537,320 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Plug Power by 241.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker's stock worth $40,971,000 after acquiring an additional 12,820,616 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Company Profile

Plug Power Inc is a clean-energy technology company that develops and supplies hydrogen and fuel-cell solutions. Its products include fuel-cell systems and engines for material-handling equipment, backup and stationary power, and other commercial and industrial applications. The company also provides electrolyzers for producing hydrogen, along with hydrogen generation, liquefaction, storage, and delivery services.

Plug Power serves customers in material handling, transportation, power generation, and industrial markets.

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