BMO Capital Markets Has Lowered Expectations for Plug Power (NASDAQ:PLUG) Stock Price

Key Points

• BMO Capital Markets has reduced its price target for Plug Power (NASDAQ:PLUG) from $1.10 to $1.00, indicating a potential downside of 30.31% from the current stock price.
• Plug Power recently reported a loss of ($0.16) earnings per share, slightly below analysts' consensus estimates, despite exceeding revenue expectations with $173.97 million.
• Insider Paul B. Middleton purchased 650,000 shares of Plug Power at $1.03 each, increasing his stake in the company by over 34% and signaling confidence amid recent market shifts.

Plug Power (NASDAQ:PLUG - Get Free Report) had its price objective cut by investment analysts at BMO Capital Markets from $1.10 to $1.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "underperform" rating on the electronics maker's stock. BMO Capital Markets' target price would indicate a potential downside of 30.31% from the stock's current price.

A number of other research analysts have also recently weighed in on PLUG. Jefferies Financial Group lifted their target price on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. Morgan Stanley lowered their target price on shares of Plug Power from $1.25 to $0.50 and set an "underweight" rating on the stock in a research note on Monday, May 19th. Susquehanna lifted their target price on shares of Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research note on Monday, July 21st. Canaccord Genuity Group decreased their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating on the stock in a research note on Tuesday, May 13th. Finally, Roth Capital reiterated a "buy" rating on shares of Plug Power in a research note on Tuesday, May 13th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $1.89.

Plug Power Price Performance

Shares of PLUG traded down $0.15 during trading hours on Tuesday, reaching $1.44. 37,793,683 shares of the stock traded hands, compared to its average volume of 87,867,523. The company has a current ratio of 1.95, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27. Plug Power has a 52-week low of $0.69 and a 52-week high of $3.32. The company's 50-day moving average price is $1.42 and its two-hundred day moving average price is $1.34. The company has a market cap of $1.65 billion, a P/E ratio of -0.58 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The firm had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. On average, analysts anticipate that Plug Power will post -1.21 earnings per share for the current year.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of Plug Power stock in a transaction dated Monday, June 9th. The shares were purchased at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the acquisition, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This represents a 34.07% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 1.41% of the stock is currently owned by company insiders.

Institutional Trading of Plug Power

A number of large investors have recently made changes to their positions in the business. 49 Wealth Management LLC increased its holdings in shares of Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after buying an additional 5,834 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Plug Power by 31.8% during the 2nd quarter. QRG Capital Management Inc. now owns 25,014 shares of the electronics maker's stock valued at $37,000 after purchasing an additional 6,039 shares during the last quarter. Mandatum Life Insurance Co Ltd grew its holdings in Plug Power by 17.6% during the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 48,887 shares of the electronics maker's stock valued at $73,000 after purchasing an additional 7,300 shares during the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Plug Power by 45.4% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 24,020 shares of the electronics maker's stock valued at $36,000 after purchasing an additional 7,500 shares during the last quarter. Finally, Guggenheim Capital LLC grew its holdings in Plug Power by 13.0% during the 4th quarter. Guggenheim Capital LLC now owns 65,352 shares of the electronics maker's stock valued at $139,000 after purchasing an additional 7,539 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

About Plug Power

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.

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