Plug Power (NASDAQ:PLUG) Price Target Raised to $2.75 at Susquehanna

Key Points

• Susquehanna raised its price target to $2.75 and maintained a neutral rating on Plug Power, a target that implies roughly a 1.65% downside from the recent close.
• Analysts remain mixed—2 Strong Buy, 2 Buy, 7 Hold and 5 Sell—with a consensus rating of Hold and an average price target of $3.03.
• Plug Power beat quarterly estimates with EPS of ($0.06) vs. ($0.10) expected and revenue of $225.2M, and its shares traded around $2.80 midday, valuing the company at about $3.9B.

Plug Power (NASDAQ:PLUG - Get Free Report) had its target price boosted by investment analysts at Susquehanna from $2.50 to $2.75 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the electronics maker's stock. Susquehanna's price target indicates a potential downside of 1.65% from the company's previous close.

A number of other research firms have also issued reports on PLUG. Wells Fargo & Company upped their price target on Plug Power from $1.50 to $2.00 and gave the company an "equal weight" rating in a research report on Wednesday, March 4th. Clear Str raised Plug Power from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, December 31st. BMO Capital Markets restated an "underperform" rating and issued a $1.00 target price on shares of Plug Power in a report on Tuesday, March 3rd. BTIG Research reaffirmed a "neutral" rating on shares of Plug Power in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Plug Power in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $3.03.

Plug Power Price Performance

Shares of NASDAQ:PLUG traded up $0.15 during midday trading on Thursday, hitting $2.80. The company's stock had a trading volume of 25,795,459 shares, compared to its average volume of 90,871,438. The company has a market cap of $3.90 billion, a P/E ratio of -2.08 and a beta of 1.79. Plug Power has a 12-month low of $0.69 and a 12-month high of $4.58. The business's 50 day simple moving average is $2.14 and its 200 day simple moving average is $2.39. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.46 and a current ratio of 2.31.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The electronics maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Plug Power had a negative net margin of 229.83% and a negative return on equity of 45.97%. The company had revenue of $225.22 million during the quarter, compared to analysts' expectations of $217.38 million. During the same quarter in the prior year, the company earned ($1.48) EPS. On average, analysts forecast that Plug Power will post -1.21 EPS for the current year.

Insider Buying and Selling

In other news, insider Benjamin Haycraft sold 40,000 shares of the company's stock in a transaction on Monday, January 12th. The stock was sold at an average price of $2.17, for a total value of $86,800.00. Following the transaction, the insider owned 333,809 shares of the company's stock, valued at $724,365.53. This represents a 10.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PLUG. J. Derek Lewis & Associates Inc. purchased a new position in Plug Power during the fourth quarter worth about $535,000. DUTCH ASSET Corp purchased a new stake in shares of Plug Power in the 4th quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Plug Power by 572.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 154,920 shares of the electronics maker's stock worth $305,000 after acquiring an additional 131,892 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Plug Power by 40.2% in the 4th quarter. Invesco Ltd. now owns 10,291,428 shares of the electronics maker's stock worth $20,274,000 after acquiring an additional 2,949,397 shares during the last quarter. Finally, Vident Advisory LLC purchased a new position in shares of Plug Power during the 4th quarter worth approximately $340,000. Institutional investors and hedge funds own 43.48% of the company's stock.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

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