Plug Power (NASDAQ:PLUG) Given “Hold” Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their hold rating on shares of Plug Power (NASDAQ:PLUG) in a report issued on Thursday,Benzinga reports. The firm currently has a $2.50 price objective on the electronics maker’s stock.

PLUG has been the subject of a number of other research reports. HC Wainwright boosted their target price on shares of Plug Power from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. BMO Capital Markets cut their price target on Plug Power from $1.10 to $1.00 and set an “underperform” rating for the company in a research note on Tuesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Plug Power in a research report on Wednesday, October 8th. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.50 price objective on shares of Plug Power in a report on Thursday, October 16th. Finally, Hsbc Global Res upgraded Plug Power to a “strong-buy” rating in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $2.42.

Plug Power Price Performance

Plug Power stock opened at $1.89 on Thursday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -0.82 and a beta of 2.28. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. Plug Power has a 12 month low of $0.69 and a 12 month high of $4.58. The stock’s 50 day moving average is $2.76 and its 200-day moving average is $1.82.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.01. Plug Power had a negative return on equity of 90.22% and a negative net margin of 292.84%.The business had revenue of $177.06 million during the quarter, compared to the consensus estimate of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. Equities research analysts expect that Plug Power will post -1.21 EPS for the current year.

Insider Activity at Plug Power

In related news, EVP Benjamin Haycraft sold 10,000 shares of Plug Power stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $2.92, for a total value of $29,200.00. Following the transaction, the executive vice president directly owned 467,583 shares of the company’s stock, valued at $1,365,342.36. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Kovack Advisors Inc. acquired a new position in shares of Plug Power in the 3rd quarter worth approximately $26,000. Yousif Capital Management LLC bought a new position in Plug Power during the third quarter worth $27,000. Prakash Investment Advisors LLC acquired a new position in Plug Power in the third quarter valued at $27,000. Prime Capital Investment Advisors LLC bought a new stake in Plug Power during the third quarter valued at $30,000. Finally, Oak Thistle LLC acquired a new stake in Plug Power during the 3rd quarter worth about $30,000. 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.