Royal Bank Of Canada Reaffirms "Sector Perform" Rating for Plug Power (NASDAQ:PLUG)

Key Points

• Royal Bank of Canada reaffirmed its “Sector Perform” rating on Plug Power and a $2.00 price target, implying about 33% upside from the stock’s current price.
• Analyst views are mixed, but the consensus rating is “Hold”, with an average price target of $3.29.
• Plug Power’s quarterly revenue of $200.6 million topped estimates, but its loss of $0.12 per share was wider than expected; the company reaffirmed its revenue-growth outlook and forecast roughly $280 million in Q4 revenue.

Plug Power (NASDAQ:PLUG - Get Free Report)'s stock had its "sector perform" rating reiterated by research analysts at Royal Bank Of Canada in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $2.00 price objective on the electronics maker's stock. Royal Bank Of Canada's target price would indicate a potential upside of 33.33% from the company's current price.

Several other analysts have also recently commented on PLUG. UBS Group reiterated a "buy" rating and issued a $5.00 price objective on shares of Plug Power in a research note on Tuesday, August 11th. Oppenheimer restated a "market perform" rating on shares of Plug Power in a research report on Tuesday, August 11th. Jefferies Financial Group raised shares of Plug Power to a "hold" rating in a report on Thursday, September 3rd. Morgan Stanley reaffirmed an "underweight" rating and issued a $1.20 target price on shares of Plug Power in a report on Wednesday, October 14th. Finally, Wall Street Zen upgraded shares of Plug Power from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 17th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $3.29.

Plug Power Trading Up 3.4%

NASDAQ:PLUG opened at $1.50 on Tuesday. The stock has a fifty day moving average price of $1.76 and a two-hundred day moving average price of $2.36. The stock has a market capitalization 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 1 year low of $1.30 and a 1 year high of $4.33.

Plug Power (NASDAQ:PLUG - Get Free Report) 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 for the quarter, compared to analysts' expectations of $198.36 million. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%. As a group, sell-side analysts anticipate that Plug Power will post -0.25 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In related news, insider Benjamin Haycraft sold 200,000 shares of the business's 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 directly owned 101,249 shares in the company, valued at $216,672.86. The trade was a 66.39% decrease in their position. The transaction was disclosed in a 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. In the last 90 days, insiders have sold 241,935 shares of company stock valued at $509,397. 1.37% of the stock is owned by insiders.

Institutional Trading of Plug Power

Several large investors have recently modified their holdings of PLUG. Banco Santander S.A. increased its stake in shares of Plug Power by 75.3% during the 3rd quarter. Banco Santander S.A. now owns 35,547 shares of the electronics maker's stock worth $69,000 after purchasing an additional 15,273 shares in the last quarter. HighTower Advisors LLC increased its position in Plug Power by 51.0% during the third quarter. HighTower Advisors LLC now owns 166,560 shares of the electronics maker's stock worth $323,000 after buying an additional 56,274 shares in the last quarter. Moors & Cabot Inc. increased its position in Plug Power by 72.7% during the third quarter. Moors & Cabot Inc. now owns 24,460 shares of the electronics maker's stock worth $47,000 after buying an additional 10,300 shares in the last quarter. Russell Investments Group Ltd. increased its position in Plug Power by 3.0% during the third quarter. Russell Investments Group Ltd. now owns 731,579 shares of the electronics maker's stock worth $1,419,000 after buying an additional 21,109 shares in the last quarter. Finally, R Squared Ltd raised its holdings in shares of Plug Power by 12.5% in the third quarter. R Squared Ltd now owns 110,245 shares of the electronics maker's stock worth $214,000 after acquiring an additional 12,285 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Plug Power

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.