Plug Power (NASDAQ:PLUG) Stock Rating Upgraded by Hsbc Global Res

Key Points

• Plug Power was upgraded to a "strong-buy" rating by HSBC Global Research, reflecting increasing investor confidence.
• The stock price target set by HSBC is $4.40, with a consensus target price currently at $2.35 across various analysts.
• Despite the upgrade, Plug Power's stock has experienced a 9.5% decline, indicating ongoing volatility within the market for this company.

Plug Power (NASDAQ:PLUG - Get Free Report) was upgraded by Hsbc Global Res to a "strong-buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

PLUG has been the subject of several other reports. Wells Fargo & Company increased their target price on shares of Plug Power from $1.00 to $1.50 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Evercore ISI upgraded shares of Plug Power to a "strong sell" rating in a research note on Tuesday, July 15th. Jefferies Financial Group raised their target price on shares of Plug Power from $0.90 to $1.60 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. HSBC set a $4.40 target price on shares of Plug Power in a research note on Thursday. Finally, BMO Capital Markets decreased their target price on shares of 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 given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, Plug Power has an average rating of "Hold" and a consensus target price of $2.35.

Plug Power Stock Down 9.5%

PLUG stock opened at $3.42 on Thursday. Plug Power has a fifty-two week low of $0.69 and a fifty-two week high of $4.58. The business's 50-day moving average is $2.03 and its two-hundred day moving average is $1.47. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.59. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -1.48 and a beta of 2.23.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The firm had revenue of $173.97 million during the quarter, compared to the consensus estimate of $157.97 million. As a group, analysts forecast that Plug Power will post -1.21 earnings per share for the current year.

Institutional Trading of Plug Power

Several institutional investors have recently made changes to their positions in PLUG. Heights Capital Management Inc. purchased a new stake in shares of Plug Power during the first quarter worth about $31,174,000. Legal & General Group Plc increased its stake in Plug Power by 59.9% in the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after acquiring an additional 6,364,483 shares during the last quarter. Vanguard Group Inc. increased its stake in Plug Power by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after acquiring an additional 3,930,342 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Plug Power by 365,934.4% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after acquiring an additional 3,794,740 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Plug Power by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 24,071,904 shares of the electronics maker's stock worth $35,872,000 after acquiring an additional 3,125,542 shares during the last quarter. Hedge funds and other institutional investors 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.

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