Plug Power (NASDAQ:PLUG) Reaches New 12-Month Low on Analyst Downgrade

Plug Power, Inc. (NASDAQ:PLUG) shares reached a new 52-week low during trading on Thursday after Susquehanna lowered their price target on the stock from $1.75 to $1.50. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $1.2150 and last traded at $1.2350, with a volume of 10,386,685 shares trading hands. The stock had previously closed at $1.3550.

A number of other brokerages have also weighed in on PLUG. Jefferies Financial Group raised Plug Power to a “hold” rating in a report on Thursday, September 3rd. Royal Bank Of Canada restated a “sector perform” rating and set a $2.00 target price on shares of Plug Power in a research report on Tuesday. Roth Capital restated a “buy” rating and set a $5.00 target price (up from $3.50) on shares of Plug Power in a research report on Wednesday, August 12th. UBS Group reissued a “buy” rating and issued a $5.00 target price on shares of Plug Power in a report on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Plug Power from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $3.25.

Insider Transactions at Plug Power

In related news, insider Benjamin Haycraft sold 200,000 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $2.14, for a total value of $428,000.00. Following the completion of the sale, the insider directly owned 101,249 shares in the company, valued at approximately $216,672.86. This represents a 66.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 241,935 shares of company stock valued at $509,397. 1.37% of the stock is currently owned by corporate insiders.

Top Plug Power Stories

Here are a few of the latest stories about PLUG:

• Positive Sentiment: Q3 operating indicators improved: revenue reached $201 million, net cash usage fell to $28 million, and GenDrive deployments rose 110% year over year to 1,136 units. Management is targeting positive EBITDAS in Q4. Q3 earnings call highlights
• Neutral Sentiment: Royal Bank of Canada reaffirmed Sector Perform with a $2 target, signaling a more cautious view than HC Wainwright’s Buy rating. RBC rating
• Negative Sentiment: Susquehanna lowered its price target to $1.50 from $1.75 and kept a Neutral rating, adding a cautious counterpoint to the more bullish analyst outlook.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently modified their holdings of PLUG. Kestra Advisory Services LLC increased its holdings in Plug Power by 11.8% during the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock worth $97,000 after purchasing an additional 4,525 shares during the last quarter. Earned Wealth Advisors LLC lifted its position in shares of Plug Power by 12.6% in the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock worth $100,000 after buying an additional 4,923 shares during the last quarter. GTS Securities LLC lifted its holdings in Plug Power by 18.9% in the second quarter. GTS Securities LLC now owns 32,330 shares of the electronics maker’s stock worth $88,000 after acquiring an additional 5,135 shares during the last quarter. Wealthfront Advisers LLC boosted its position in Plug Power by 8.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 5,283 shares during the period. Finally, Private Advisor Group LLC boosted its holdings in shares of Plug Power by 7.9% during the first quarter. Private Advisor Group LLC now owns 78,677 shares of the electronics maker’s stock valued at $178,000 after acquiring an additional 5,745 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Price Performance

The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -1.30 and a beta of 2.13. The business’s 50 day simple moving average is $1.73 and its 200-day simple moving average is $2.35. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.32 and a current ratio of 2.21.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $178.30 million for the quarter, compared to analysts’ expectations of $169.11 million. Plug Power had a negative return on equity of 61.36% and a negative net margin of 153.68%. Plug Power’s quarterly revenue was up 2.5% on a year-over-year basis. Research analysts anticipate that Plug Power, Inc. will post -0.25 earnings per share for the current year.

Plug Power Company Profile

Plug Power Inc. develops hydrogen fuel cell and hydrogen-generation solutions for businesses seeking alternatives to conventional power and fuel sources. Its offerings include fuel cell systems, electrolyzers that produce hydrogen, hydrogen storage and handling equipment, and related infrastructure and services. The company’s products are used in applications such as material-handling equipment, including warehouse forklifts, as well as stationary power and other industrial and mobility uses. Plug also supplies hydrogen and supports customers with installation, maintenance, and fueling solutions.