Plug Power (NASDAQ:PLUG) Given New $1.60 Price Target at Jefferies Financial Group

Plug Power (NASDAQ:PLUG - Get Free Report) had its price target upped by equities researchers at Jefferies Financial Group from $0.90 to $1.60 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the electronics maker's stock. Jefferies Financial Group's price target would suggest a potential downside of 11.85% from the company's current price.

Several other research analysts have also weighed in on PLUG. Susquehanna upped their price target on Plug Power from $1.00 to $1.80 and gave the company a "neutral" rating in a research report on Monday. Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their target price on Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Roth Capital reaffirmed a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Finally, Piper Sandler dropped their target price on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $1.92.

Plug Power Price Performance

Shares of Plug Power stock traded up $0.05 during trading on Wednesday, hitting $1.82. The stock had a trading volume of 34,321,241 shares, compared to its average volume of 91,542,492. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.95 and a quick ratio of 1.07. The firm has a market cap of $2.08 billion, a P/E ratio of -0.73 and a beta of 2.29. The business has a fifty day moving average of $1.24 and a two-hundred day moving average of $1.44. Plug Power has a fifty-two week low of $0.69 and a fifty-two week high of $3.32.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results on Monday, May 12th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative net margin of 312.29% and a negative return on equity of 82.21%. The company had revenue of $133.67 million for the quarter, compared to analysts' expectations of $130.92 million. On average, sell-side analysts expect that Plug Power will post -1.21 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul B. Middleton purchased 650,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was bought at an average price of $1.03 per share, for a total transaction of $669,500.00. Following the purchase, the insider owned 2,558,064 shares in the company, valued at $2,634,805.92. The trade was a 34.07% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.41% of the company's stock.

Institutional Trading of Plug Power

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock valued at $123,348,000 after purchasing an additional 3,930,342 shares during the period. Norges Bank bought a new stake in Plug Power during the 4th quarter valued at approximately $146,465,000. Heights Capital Management Inc. bought a new stake in Plug Power during the 1st quarter valued at approximately $31,174,000. Geode Capital Management LLC boosted its stake in Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock valued at $42,434,000 after purchasing an additional 722,639 shares during the period. Finally, Legal & General Group Plc boosted its stake in Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock valued at $21,602,000 after purchasing an additional 796,774 shares during the period. Institutional investors own 43.48% of the company's stock.

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.