Plug Power (NASDAQ:PLUG) Cut to Neutral at BTIG Research

BTIG Research cut shares of Plug Power (NASDAQ:PLUG - Free Report) from a buy rating to a neutral rating in a research note released on Thursday, Marketbeat.com reports.

Several other equities research analysts have also recently weighed in on PLUG. Piper Sandler decreased 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. Susquehanna decreased their price target on Plug Power from $3.00 to $2.00 and set a "neutral" rating on the stock in a research report on Monday, August 12th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research report on Wednesday. HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of Plug Power in a research report on Wednesday. Finally, Jefferies Financial Group decreased their price objective on shares of Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Plug Power presently has a consensus rating of "Hold" and a consensus price target of $4.60.

Plug Power Stock Performance

Shares of NASDAQ:PLUG traded down $0.07 during midday trading on Thursday, reaching $1.90. The company had a trading volume of 43,334,215 shares, compared to its average volume of 40,954,945. The company's 50 day moving average price is $2.06 and its 200 day moving average price is $2.41. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.67 billion, a P/E ratio of -0.88 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 - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The business had revenue of $173.70 million for 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 47.36%. Plug Power's revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the company earned ($0.47) earnings per share. As a group, sell-side analysts anticipate that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SteelPeak Wealth LLC purchased a new stake in shares of Plug Power in the second quarter worth $26,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Plug Power in the second quarter worth approximately $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power during the second quarter valued at approximately $28,000. Madison Park Capital Advisors LLC purchased a new stake in shares of Plug Power during the second quarter valued at approximately $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power in the 2nd quarter worth approximately $29,000. 43.48% of the stock is 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.