Piper Sandler Has Lowered Expectations for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target trimmed by Piper Sandler from $1.60 to $1.40 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an underweight rating on the electronics maker’s stock.

Several other analysts have also recently issued reports on PLUG. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Wells Fargo & Company lowered their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday. Evercore ISI lowered their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Down 5.1 %

Shares of NASDAQ:PLUG opened at $1.87 on Thursday. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $2.08 and a two-hundred day moving average of $2.40. The stock has a market cap of $1.70 billion, a P/E ratio of -0.87 and a beta of 1.81. Plug Power has a 52-week low of $1.60 and a 52-week high of $5.14.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The company had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.47) earnings per share. On average, research analysts expect that Plug Power will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently bought and sold shares of the stock. SteelPeak Wealth LLC acquired a new stake in Plug Power in the 2nd quarter valued at about $26,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Plug Power during the 2nd quarter worth about $26,000. Aire Advisors LLC acquired a new stake in shares of Plug Power during the 2nd quarter worth about $28,000. Madison Park Capital Advisors LLC acquired a new stake in shares of Plug Power during the 2nd quarter worth about $29,000. Finally, Profund Advisors LLC acquired a new stake in shares of Plug Power during the 2nd quarter worth about $29,000. Institutional investors and hedge funds 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.