B. Riley Cuts Plug Power (NASDAQ:PLUG) Price Target to $3.00

Plug Power (NASDAQ:PLUG) had its price objective cut by B. Riley from $4.00 to $3.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the electronics maker’s stock. B. Riley also issued estimates for Plug Power’s Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($1.27) EPS, FY2025 earnings at ($0.60) EPS and FY2026 earnings at ($0.41) EPS.

Several other equities analysts have also issued reports on the stock. Piper Sandler dropped their target price on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a report on Wednesday. Wells Fargo & Company dropped their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. BMO Capital Markets dropped their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a report on Wednesday. Craig Hallum decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.40.

Plug Power Price Performance

PLUG stock opened at $1.69 on Wednesday. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -0.79 and a beta of 1.79. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a 12-month low of $1.37 and a 12-month high of $4.90. The company’s fifty day simple moving average is $2.09 and its 200 day simple moving average is $2.11.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently added to or reduced their stakes in PLUG. Pacific Sage Partners LLC bought a new stake in Plug Power in the 4th quarter worth about $25,000. Oppenheimer & Co. Inc. bought a new stake in Plug Power in the 4th quarter worth about $25,000. Jones Financial Companies Lllp grew its position in Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 6,074 shares in the last quarter. Callan Family Office LLC bought a new stake in Plug Power in the 4th quarter worth about $27,000. Finally, Ground Swell Capital LLC bought a new stake in Plug Power in the 4th quarter worth about $27,000. 43.48% of the stock is owned by institutional investors.

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.