Plug Power (NASDAQ:PLUG) Stock Keeps “Buy” Rating at HC Wainwright

Plug Power (NASDAQ:PLUG)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They presently have a $7.00 price target on the electronics maker’s stock. HC Wainwright‘s price target indicates a potential upside of 366.67% from the stock’s previous close.

PLUG has been the subject of several other research reports. Susquehanna reduced their price target on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research report on Wednesday, October 14th. Oppenheimer reaffirmed a “market perform” rating on shares of Plug Power in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Plug Power from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 17th. Morgan Stanley reissued an “underweight” rating and set a $1.20 target price on shares of Plug Power in a research report on Wednesday, October 14th. Finally, Jefferies Financial Group upgraded shares of Plug Power to a “hold” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.40.

Plug Power Stock Up 3.4%

Shares of NASDAQ:PLUG opened at $1.50 on Tuesday. The company has a market capitalization of $2.10 billion, a PE ratio of -1.19 and a beta of 2.13. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32. The business has a fifty day moving average price of $1.76 and a two-hundred day moving average price of $2.36. Plug Power has a 1 year low of $1.30 and a 1 year high of $4.33.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Monday, November 9th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.05). The business had revenue of $200.60 million for the quarter, compared to analysts’ expectations of $198.36 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. Analysts forecast that Plug Power will post -0.25 earnings per share for the current year.

Insider Activity at Plug Power

In other news, insider Benjamin Haycraft sold 200,000 shares of the company’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $2.14, for a total transaction of $428,000.00. Following the transaction, the insider owned 101,249 shares of the company’s stock, valued at $216,672.86. This represents a 66.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 241,935 shares of company stock worth $509,397. 1.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Plug Power by 21.0% during the second quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock valued at $498,728,000 after purchasing an additional 31,939,194 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Plug Power by 446.9% during the second quarter. Handelsbanken Fonder AB now owns 19,014,270 shares of the electronics maker’s stock worth $51,529,000 after purchasing an additional 15,537,320 shares during the period. Renaissance Technologies LLC increased its stake in shares of Plug Power by 97.4% in the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after purchasing an additional 13,685,900 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Plug Power by 241.2% in the first quarter. Dimensional Fund Advisors LP now owns 18,134,913 shares of the electronics maker’s stock worth $40,971,000 after purchasing an additional 12,820,616 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Plug Power in the third quarter worth about $6,840,000. 43.48% of the stock is currently owned by institutional investors.

Key Plug Power News

Here are the key news stories impacting Plug Power this week:

• Positive Sentiment: Plug reported Q3 revenue of $200.6 million, above analysts’ $198.36 million estimate. It also reaffirmed its 15%–16% revenue-growth outlook and forecast roughly $280 million in Q4 revenue, while targeting positive EBITDAS. Plug reaffirms revenue growth outlook and Q4 forecast
• Negative Sentiment: The company’s Q3 loss of $0.12 per share was wider than the $0.07 loss analysts expected and matched its year-ago loss, underscoring that profitability remains elusive. Plug reports Q3 loss and beats revenue estimates

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.