Susquehanna Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target lowered by equities research analysts at Susquehanna from $2.50 to $1.75 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the electronics maker’s stock. Susquehanna’s price objective would suggest a potential upside of 12.18% from the company’s current price.

Several other analysts also recently issued reports on PLUG. Wall Street Zen downgraded shares of Plug Power from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. Weiss Ratings cut shares of Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. UBS Group reissued a “buy” rating and set a $5.00 price objective on shares of Plug Power in a research note on Tuesday, August 11th. Oppenheimer restated a “market perform” rating on shares of Plug Power in a research report on Tuesday, August 11th. Finally, Craig Hallum reaffirmed a “buy” rating on shares of Plug Power in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $3.45.

Plug Power Trading Down 3.7%

Shares of PLUG stock opened at $1.56 on Wednesday. The stock has a market cap of $2.18 billion, a P/E ratio of -1.24 and a beta of 2.28. The company has a quick ratio of 1.32, a current ratio of 2.32 and a debt-to-equity ratio of 1.29. Plug Power has a fifty-two week low of $1.55 and a fifty-two week high of $4.33. The business has a fifty day simple moving average of $2.07 and a 200-day simple moving average of $2.58.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $178.30 million for the quarter, compared to analyst estimates of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. Plug Power’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, analysts forecast that Plug Power will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin Haycraft sold 200,000 shares of the business’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $2.14, for a total value of $428,000.00. Following the completion of the transaction, the insider owned 101,249 shares of the company’s stock, valued at approximately $216,672.86. The trade was a 66.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 232,560 shares of company stock worth $496,178. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Plug Power by 21.0% in the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock valued at $498,728,000 after buying an additional 31,939,194 shares during the last quarter. State Street Corp lifted its stake in shares of Plug Power by 6.1% during the second quarter. State Street Corp now owns 38,763,529 shares of the electronics maker’s stock valued at $105,049,000 after buying an additional 2,214,427 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Plug Power by 97.4% during the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock valued at $62,689,000 after buying an additional 13,685,900 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of Plug Power by 446.9% during the second quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock valued at $51,529,000 after buying an additional 15,537,320 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Plug Power by 241.2% during the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock worth $40,971,000 after acquiring an additional 12,820,616 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

About Plug Power

Plug Power Inc is a clean-energy technology company that develops and supplies hydrogen and fuel-cell solutions. Its products include fuel-cell systems and engines for material-handling equipment, backup and stationary power, and other commercial and industrial applications. The company also provides electrolyzers for producing hydrogen, along with hydrogen generation, liquefaction, storage, and delivery services.

Plug Power serves customers in material handling, transportation, power generation, and industrial markets.