Plug Power (NASDAQ:PLUG) Price Target Lowered to $5.00 at TD Cowen

Plug Power (NASDAQ:PLUG - Get Free Report) had its price objective decreased by equities researchers at TD Cowen from $7.00 to $5.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the electronics maker's stock. TD Cowen's target price points to a potential upside of 95.31% from the stock's previous close.

PLUG has been the topic of several other research reports. Evercore ISI dropped their price objective on shares of Plug Power from $9.00 to $6.00 and set an "outperform" rating on the stock in a report on Monday, March 4th. Citigroup lowered shares of Plug Power from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $3.25 to $2.00 in a report on Friday, April 5th. Canaccord Genuity Group lowered their target price on shares of Plug Power from $5.00 to $4.00 and set a "hold" rating on the stock in a report on Monday, March 4th. Marathon Capitl restated an "equal weight" rating on shares of Plug Power in a report on Tuesday, March 26th. Finally, Piper Sandler lowered their target price on shares of Plug Power from $2.90 to $2.50 and set an "underweight" rating on the stock in a report on Friday. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Plug Power has an average rating of "Hold" and an average price target of $5.94.

Plug Power Price Performance

Shares of NASDAQ PLUG traded down $0.21 during midday trading on Friday, reaching $2.56. 32,671,621 shares of the company were exchanged, compared to its average volume of 39,848,637. The stock's 50-day moving average price is $3.09 and its 200-day moving average price is $3.87. The stock has a market cap of $1.78 billion, a P/E ratio of -1.10 and a beta of 1.64. Plug Power has a one year low of $2.25 and a one year high of $13.44. The company has a quick ratio of 0.86, a current ratio of 1.85 and a debt-to-equity ratio of 0.18.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Friday, March 1st. The electronics maker reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.52). Plug Power had a negative return on equity of 38.09% and a negative net margin of 153.57%. The business had revenue of $222.20 million during the quarter, compared to the consensus estimate of $234.21 million. During the same period in the prior year, the firm earned ($0.38) EPS. The business's revenue for the quarter was up .7% compared to the same quarter last year. On average, sell-side analysts anticipate that Plug Power will post -0.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of the company. State of New Jersey Common Pension Fund D raised its position in shares of Plug Power by 104.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 651,695 shares of the electronics maker's stock worth $2,933,000 after acquiring an additional 333,708 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Plug Power by 183.6% during the fourth quarter. SG Americas Securities LLC now owns 1,656,282 shares of the electronics maker's stock valued at $7,453,000 after purchasing an additional 1,072,344 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in shares of Plug Power by 78.5% in the 3rd quarter. UniSuper Management Pty Ltd now owns 2,064,304 shares of the electronics maker's stock worth $15,689,000 after buying an additional 907,604 shares during the last quarter. Gabelli Funds LLC boosted its holdings in Plug Power by 9.4% in the third quarter. Gabelli Funds LLC now owns 87,500 shares of the electronics maker's stock worth $665,000 after acquiring an additional 7,500 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA boosted its holdings in Plug Power by 21.0% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 36,250 shares of the electronics maker's stock worth $163,000 after acquiring an additional 6,300 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

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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