Plug Power (NASDAQ:PLUG) Given New $1.00 Price Target at Canaccord Genuity Group

Plug Power (NASDAQ:PLUG - Get Free Report) had its target price dropped by Canaccord Genuity Group from $1.25 to $1.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the electronics maker's stock. Canaccord Genuity Group's price target suggests a potential upside of 20.05% from the stock's previous close.

PLUG has been the subject of several other reports. B. Riley decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Plug Power in a research note on Monday, March 24th. Piper Sandler reduced their target price on Plug Power from $1.40 to $1.10 and set an "underweight" rating on the stock in a report on Wednesday, March 5th. BMO Capital Markets lowered their target price on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Finally, Morgan Stanley cut their target price on Plug Power from $1.75 to $1.60 and set an "underweight" rating on the stock in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $2.08.

Plug Power Stock Performance

NASDAQ PLUG traded down $0.07 on Tuesday, hitting $0.83. The stock had a trading volume of 35,266,907 shares, compared to its average volume of 56,306,715. The stock has a market cap of $852.09 million, a price-to-earnings ratio of -0.39 and a beta of 2.19. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a one year low of $0.76 and a one year high of $4.90. The company's 50-day moving average is $1.20 and its two-hundred day moving average is $1.81.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The business had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. On average, analysts expect that Plug Power will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently modified their holdings of PLUG. PNC Financial Services Group Inc. boosted its holdings in Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker's stock valued at $33,000 after purchasing an additional 5,348 shares in the last quarter. Compagnie Lombard Odier SCmA raised its holdings in shares of Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker's stock worth $104,000 after acquiring an additional 5,550 shares during the last quarter. 49 Wealth Management LLC lifted its stake in shares of Plug Power by 25.0% during the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker's stock worth $62,000 after purchasing an additional 5,834 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after acquiring an additional 6,074 shares during the last quarter. Finally, Avantax Planning Partners Inc. increased its stake in Plug Power by 54.0% during the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker's stock worth $40,000 after acquiring an additional 6,561 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.