Plug Power (NASDAQ:PLUG) Cut to “Hold” at TD Cowen

Plug Power (NASDAQ:PLUG) was downgraded by equities researchers at TD Cowen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday. They currently have a $2.00 target price on the electronics maker’s stock. TD Cowen’s price target would indicate a potential downside of 13.79% from the stock’s current price.

PLUG has been the subject of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Plug Power in a research report on Wednesday, October 8th. Canaccord Genuity Group set a $7.00 target price on shares of Plug Power in a research note on Monday, November 24th. Susquehanna dropped their price target on shares of Plug Power from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Monday, November 17th. Wall Street Zen cut shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. Finally, Clear Str upgraded shares of Plug Power from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat, Plug Power has an average rating of “Hold” and a consensus price target of $2.73.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $2.32 on Friday. Plug Power has a 12-month low of $0.69 and a 12-month high of $4.58. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of -0.98 and a beta of 1.68. The company has a current ratio of 1.32, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average of $2.22 and a 200 day moving average of $2.11.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. Plug Power had a negative net margin of 313.69% and a negative return on equity of 105.98%. The business had revenue of $177.06 million for the quarter, compared to analysts’ expectations of $185.41 million. On average, research analysts anticipate that Plug Power will post -1.21 earnings per share for the current year.

Insiders Place Their Bets

In other Plug Power news, insider Benjamin Haycraft sold 40,000 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $2.20, for a total transaction of $88,000.00. Following the completion of the transaction, the insider owned 373,809 shares in the company, valued at $822,379.80. This trade represents a 9.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jose Luis Crespo bought 37,300 shares of Plug Power stock in a transaction dated Monday, December 15th. The stock was acquired at an average price of $2.34 per share, for a total transaction of $87,282.00. Following the completion of the acquisition, the insider owned 307,332 shares in the company, valued at approximately $719,156.88. The trade was a 13.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

Several institutional investors have recently modified their holdings of PLUG. Kovack Advisors Inc. bought a new position in shares of Plug Power during the 3rd quarter valued at approximately $26,000. Sender Co & Partners Inc. purchased a new position in Plug Power during the second quarter worth $26,000. Yousif Capital Management LLC bought a new position in Plug Power during the third quarter valued at $27,000. Prakash Investment Advisors LLC purchased a new stake in shares of Plug Power in the third quarter valued at $27,000. Finally, Procyon Advisors LLC bought a new stake in shares of Plug Power in the 4th quarter worth about $29,000. 43.48% of the stock is owned by institutional investors.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.