Jefferies Financial Group Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.00

Plug Power (NASDAQ:PLUG) had its target price dropped by research analysts at Jefferies Financial Group from $2.20 to $2.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “hold” rating on the electronics maker’s stock. Jefferies Financial Group’s price objective would suggest a potential downside of 6.98% from the stock’s previous close.

Several other equities analysts have also issued reports on the stock. Susquehanna decreased their price target on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Canaccord Genuity Group lowered their price target on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a report on Monday, August 12th. Piper Sandler dropped their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. B. Riley upgraded Plug Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Truist Financial dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $5.01.

Plug Power Price Performance

Shares of PLUG opened at $2.15 on Thursday. The stock has a market cap of $1.60 billion, a P/E ratio of -0.90 and a beta of 1.79. Plug Power has a 1 year low of $1.60 and a 1 year high of $7.90. The stock’s 50-day moving average price is $2.07 and its two-hundred day moving average price is $2.60. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The firm had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. During the same period in the previous year, the business earned ($0.35) EPS. The firm’s revenue was down 44.9% compared to the same quarter last year. On average, equities analysts predict that Plug Power will post -1.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares during the period. Pinnacle Associates Ltd. grew its holdings in Plug Power by 41.4% during the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock worth $12,989,000 after purchasing an additional 1,105,813 shares during the period. Van ECK Associates Corp increased its position in Plug Power by 37.0% during the second quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after buying an additional 923,579 shares during the last quarter. Swedbank AB bought a new stake in Plug Power in the first quarter valued at approximately $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Plug Power by 5.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock valued at $10,022,000 after buying an additional 150,088 shares during the last quarter. 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.