Canaccord Genuity Group Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG - Get Free Report) had its price target lowered by stock analysts at Canaccord Genuity Group from $2.50 to $2.25 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the electronics maker's stock. Canaccord Genuity Group's price objective indicates a potential upside of 14.21% from the company's previous close.

PLUG has been the subject of several other reports. Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a "hold" rating for the company in a report on Monday, August 12th. Wells Fargo & Company lowered their target price on shares of Plug Power from $4.00 to $3.00 and set an "equal weight" rating on the stock in a report on Friday, August 9th. Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a research report on Thursday, October 3rd. HC Wainwright reiterated a "buy" rating and issued a $18.00 target price on shares of Plug Power in a research note on Wednesday. Finally, Craig Hallum cut their price objective on Plug Power from $5.00 to $4.00 and set a "buy" rating for the company in a report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Plug Power currently has an average rating of "Hold" and a consensus price target of $4.75.

Plug Power Stock Up 3.1 %

Shares of NASDAQ:PLUG traded up $0.06 during midday trading on Wednesday, hitting $1.97. 72,265,812 shares of the company's stock were exchanged, compared to its average volume of 40,942,211. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. Plug Power has a 12 month low of $1.60 and a 12 month high of $5.14. The company has a market cap of $1.73 billion, a PE ratio of -0.95 and a beta of 1.81. The stock has a 50 day moving average price of $2.06 and a 200-day moving average price of $2.41.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to analysts' expectations of $207.25 million. During the same period in the prior year, the firm earned ($0.47) earnings per share. Plug Power's revenue was down 12.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Pitcairn Co. boosted its stake in Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker's stock worth $67,000 after purchasing an additional 4,169 shares during the period. Nations Financial Group Inc. IA ADV raised its stake in Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker's stock valued at $36,000 after purchasing an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors raised its position in shares of Plug Power by 18.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker's stock valued at $75,000 after buying an additional 5,075 shares in the last quarter. Catalyst Capital Advisors LLC lifted its position in Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker's stock worth $29,000 after buying an additional 5,631 shares during the last quarter. Finally, 49 Wealth Management LLC lifted its stake in Plug Power by 40.6% in the third quarter. 49 Wealth Management LLC now owns 23,346 shares of the electronics maker's stock worth $53,000 after purchasing an additional 6,745 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company's stock.

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.