Piper Sandler Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.40

Plug Power (NASDAQ:PLUG) had its price objective decreased by Piper Sandler from $2.50 to $2.40 in a report published on Monday, Benzinga reports. Piper Sandler currently has an underweight rating on the electronics maker’s stock.

Other equities research analysts have also issued research reports about the stock. Marathon Capitl reiterated an equal weight rating on shares of Plug Power in a research note on Tuesday, March 26th. B. Riley upgraded shares of Plug Power to a strong-buy rating in a research note on Tuesday, June 25th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a hold rating for the company in a research note on Monday, May 13th. TD Cowen decreased their price target on shares of Plug Power from $7.00 to $5.00 and set a buy rating for the company in a research note on Friday, May 10th. Finally, Citigroup lowered shares of Plug Power from a neutral rating to a sell rating and decreased their price target for the stock from $3.25 to $2.00 in a research note on Friday, April 5th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $5.48.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $2.43 on Monday. Plug Power has a fifty-two week low of $2.21 and a fifty-two week high of $13.17. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -1.01 and a beta of 1.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. The firm’s 50-day simple moving average is $2.85 and its 200 day simple moving average is $3.18.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, May 9th. The electronics maker reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.11). The business had revenue of $120.26 million during the quarter, compared to the consensus estimate of $162.92 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. As a group, research analysts anticipate that Plug Power will post -1.13 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other Plug Power news, Director George C. Mcnamee sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $2.56, for a total value of $25,600.00. Following the completion of the transaction, the director now directly owns 639,572 shares of the company’s stock, valued at approximately $1,637,304.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLUG. SteelPeak Wealth LLC bought a new position in Plug Power in the 2nd quarter valued at $26,000. Madison Park Capital Advisors LLC bought a new position in Plug Power in the 2nd quarter valued at $29,000. Mosley Wealth Management bought a new stake in shares of Plug Power during the 1st quarter worth $35,000. Diversified Trust Co bought a new stake in shares of Plug Power during the 2nd quarter worth $35,000. Finally, J.W. Cole Advisors Inc. bought a new stake in shares of Plug Power during the 1st quarter worth $36,000. 43.48% of the stock is owned by institutional investors.

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.