Plug Power (NASDAQ:PLUG) Reaches New 52-Week Low Following Analyst Downgrade

Key Points

• Plug Power hit a new 52-week low, trading as low as $1.215 after Susquehanna cut its price target from $1.75 to $1.50 and maintained a Neutral rating.
• Analyst views remain mixed: the consensus rating is Hold with a $3.25 price target, while ratings range from Sell to Buy.
• Recent operating indicators showed improvement, including lower net cash usage and higher GenDrive deployments; management is targeting positive EBITDAS in Q4.

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) shares hit a new 52-week low on Thursday after Susquehanna lowered their price target on the stock from $1.75 to $1.50. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $1.2150 and last traded at $1.2350, with a volume of 10,386,685 shares trading hands. The stock had previously closed at $1.3550.

Several other analysts also recently commented on PLUG. Wall Street Zen upgraded shares of Plug Power from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 17th. Jefferies Financial Group raised shares of Plug Power to a "hold" rating in a research report on Thursday, September 3rd. Weiss Ratings raised shares of Plug Power from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, October 21st. KeyCorp set a $3.00 price objective on shares of Plug Power in a research note on Tuesday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of Plug Power in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $3.25.

Insider Buying and Selling at Plug Power

In other Plug Power news, insider Benjamin Haycraft sold 200,000 shares of Plug Power stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $2.14, for a total value of $428,000.00. Following the transaction, the insider directly owned 101,249 shares in the company, valued at approximately $216,672.86. This trade represents a 66.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 241,935 shares of company stock valued at $509,397. Company insiders own 1.37% of the company's stock.

More Plug Power News

Investors following PLUG have been watching these news items:

• Positive Sentiment: Q3 operating indicators improved: revenue reached $201 million, net cash usage fell to $28 million, and GenDrive deployments rose 110% year over year to 1,136 units. Management is targeting positive EBITDAS in Q4. Q3 earnings call highlights
• Neutral Sentiment: Royal Bank of Canada reaffirmed Sector Perform with a $2 target, signaling a more cautious view than HC Wainwright’s Buy rating. RBC rating
• Negative Sentiment: Susquehanna lowered its price target to $1.50 from $1.75 and kept a Neutral rating, adding a cautious counterpoint to the more bullish analyst outlook.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently modified their holdings of the stock. State Street Corp increased its stake in Plug Power by 0.5% in the 3rd quarter. State Street Corp now owns 38,972,641 shares of the electronics maker's stock valued at $75,607,000 after buying an additional 209,112 shares during the period. Resona Asset Management Co. Ltd. lifted its stake in shares of Plug Power by 23.7% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 46,227 shares of the electronics maker's stock worth $88,000 after acquiring an additional 8,855 shares during the period. Advisors Asset Management Inc. acquired a new stake in shares of Plug Power in the 3rd quarter worth $49,000. Private Advisor Group LLC lifted its stake in shares of Plug Power by 13.7% in the 3rd quarter. Private Advisor Group LLC now owns 179,202 shares of the electronics maker's stock worth $348,000 after acquiring an additional 21,612 shares during the period. Finally, Banco Santander S.A. boosted its holdings in shares of Plug Power by 75.3% in the third quarter. Banco Santander S.A. now owns 35,547 shares of the electronics maker's stock valued at $69,000 after acquiring an additional 15,273 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

Plug Power Trading Down 8.9%

The firm has a market cap of $1.73 billion, a PE ratio of -1.30 and a beta of 2.13. The company's fifty day moving average price is $1.73 and its two-hundred day moving average price is $2.35. The company has a quick ratio of 1.32, a current ratio of 2.21 and a debt-to-equity ratio of 0.88.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Plug Power had a negative net margin of 153.68% and a negative return on equity of 61.36%. The firm had revenue of $178.30 million during the quarter, compared to analysts' expectations of $169.11 million. The firm's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Plug Power, Inc. will post -0.25 earnings per share for the current fiscal year.

Plug Power Company Profile

Plug Power Inc. develops hydrogen fuel cell and hydrogen-generation solutions for businesses seeking alternatives to conventional power and fuel sources. Its offerings include fuel cell systems, electrolyzers that produce hydrogen, hydrogen storage and handling equipment, and related infrastructure and services. The company's products are used in applications such as material-handling equipment, including warehouse forklifts, as well as stationary power and other industrial and mobility uses. Plug also supplies hydrogen and supports customers with installation, maintenance, and fueling solutions.

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