Plug Power (NASDAQ:PLUG) Price Target Raised to $3.50

Key Points

• Plug Power's price target has been raised by Susquehanna from $1.80 to $3.50, indicating a potential downside of 12.89% from its current price, while the company has a "neutral" rating.
• Recent reports show a mixed outlook for Plug Power, with one firm upgrading it to a "strong-buy" while others maintain "hold" or "sell" ratings, resulting in an average rating of "Hold" and a consensus price target of $2.47.
• Plug Power reported disappointing earnings with a net margin of -292.84% and a revenue of $173.97 million, which exceeded analyst expectations, although it posted a loss per share of ($0.16).

Plug Power (NASDAQ:PLUG - Get Free Report) had its price target upped by stock analysts at Susquehanna from $1.80 to $3.50 in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a "neutral" rating on the electronics maker's stock. Susquehanna's price target would indicate a potential downside of 12.89% from the company's current price.

Several other research firms have also recently issued reports on PLUG. Hsbc Global Res upgraded Plug Power to a "strong-buy" rating in a research report on Thursday. Jefferies Financial Group upped their price target on Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Plug Power in a research note on Wednesday, October 8th. Wells Fargo & Company upped their target price on Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a research note on Thursday, August 14th. Finally, BMO Capital Markets reduced their price target on Plug Power from $1.10 to $1.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $2.47.

Plug Power Stock Performance

Shares of Plug Power stock traded up $0.60 on Monday, hitting $4.02. The stock had a trading volume of 33,164,773 shares, compared to its average volume of 92,184,406. Plug Power has a 52-week low of $0.69 and a 52-week high of $4.58. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of -1.70 and a beta of 2.23. The company's 50 day moving average price is $2.03 and its 200 day moving average price is $1.47.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The electronics maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The company had revenue of $173.97 million for the quarter, compared to analysts' expectations of $157.97 million. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. On average, research analysts anticipate that Plug Power will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently modified their holdings of the stock. Congress Park Capital LLC lifted its position in shares of Plug Power by 40.4% during the third quarter. Congress Park Capital LLC now owns 83,350 shares of the electronics maker's stock worth $194,000 after purchasing an additional 24,000 shares during the last quarter. Oak Thistle LLC bought a new position in Plug Power in the third quarter worth about $30,000. Silverlake Wealth Management LLC bought a new position in Plug Power in the second quarter worth about $50,000. Headlands Technologies LLC bought a new position in Plug Power in the second quarter worth about $718,000. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in Plug Power by 10.7% in the second quarter. CANADA LIFE ASSURANCE Co now owns 237,944 shares of the electronics maker's stock worth $355,000 after acquiring an additional 23,007 shares during the last quarter. 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.

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