Plug Power Inc. (NASDAQ:PLUG – Get Free Report)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $2.51, but opened at $2.39. Plug Power shares last traded at $2.51, with a volume of 8,924,777 shares changing hands.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on PLUG shares. Wells Fargo & Company cut their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Susquehanna lowered their target price 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. Royal Bank of Canada lowered their target price on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Truist Financial lowered their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Craig Hallum lowered their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Plug Power currently has an average rating of “Hold” and a consensus price target of $5.01.
View Our Latest Stock Analysis on Plug Power
Plug Power Stock Performance
Plug Power (NASDAQ:PLUG – Get Free Report) last announced its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The company had revenue of $143.40 million for the quarter, compared to analysts’ expectations of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. Plug Power’s quarterly revenue was down 44.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. Research analysts expect that Plug Power Inc. will post -1.16 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Plug Power
A number of hedge funds have recently added to or reduced their stakes in PLUG. First Trust Direct Indexing L.P. purchased a new stake in Plug Power during the 1st quarter valued at $75,000. Principal Financial Group Inc. grew its position in shares of Plug Power by 32.0% during the 1st quarter. Principal Financial Group Inc. now owns 43,956 shares of the electronics maker’s stock valued at $151,000 after acquiring an additional 10,663 shares during the period. Commonwealth Equity Services LLC grew its position in shares of Plug Power by 25.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 327,839 shares of the electronics maker’s stock valued at $1,128,000 after acquiring an additional 67,241 shares during the period. J.W. Cole Advisors Inc. bought a new stake in shares of Plug Power during the 1st quarter valued at $36,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Plug Power by 5.4% during the 1st 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 acquiring an additional 150,088 shares during the period. 43.48% of the stock is currently owned by hedge funds and other 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.
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