Truist Financial Lowers Plug Power (NASDAQ:PLUG) Price Target to $9.00

Posted by on May 13th, 2023

Plug Power (NASDAQ:PLUG – Get Rating) had its price target cut by equities research analysts at Truist Financial from $11.00 to $9.00 in a research report issued on Thursday, The Fly reports. Truist Financial’s price objective would indicate a potential upside of 20.32% from the company’s current price.

PLUG has been the subject of several other reports. UBS Group cut their target price on shares of Plug Power from $26.00 to $24.00 and set a “buy” rating for the company in a report on Friday, April 21st. Royal Bank of Canada cut their target price on shares of Plug Power from $17.00 to $12.00 in a report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Plug Power from $23.00 to $20.00 in a report on Monday, May 1st. Piper Sandler cut their target price on shares of Plug Power from $12.00 to $10.00 in a report on Wednesday. Finally, Morgan Stanley lowered shares of Plug Power from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $35.00 to $15.00 in a report on Monday, April 3rd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $7.48 on Thursday. The company has a current ratio of 5.20, a quick ratio of 4.19 and a debt-to-equity ratio of 0.12. Plug Power has a 12 month low of $7.43 and a 12 month high of $31.56. The company has a 50 day simple moving average of $10.17 and a two-hundred day simple moving average of $13.37. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -5.98 and a beta of 1.75.

Plug Power (NASDAQ:PLUG – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The electronics maker reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.08). Plug Power had a negative net margin of 103.22% and a negative return on equity of 16.94%. The business had revenue of $210.29 million for the quarter, compared to analyst estimates of $207.67 million. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. The business’s revenue was up 49.3% on a year-over-year basis. As a group, analysts predict that Plug Power will post -0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLUG. Norges Bank purchased a new position in Plug Power in the fourth quarter worth approximately $211,176,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Plug Power by 69.1% in the fourth quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,213,803 shares of the electronics maker’s stock worth $212,935,000 after acquiring an additional 7,035,344 shares during the period. Schroder Investment Management Group grew its position in Plug Power by 244.3% in the fourth quarter. Schroder Investment Management Group now owns 4,922,841 shares of the electronics maker’s stock worth $60,896,000 after acquiring an additional 3,493,122 shares during the period. Two Sigma Investments LP grew its position in Plug Power by 310.7% in the third quarter. Two Sigma Investments LP now owns 3,456,638 shares of the electronics maker’s stock worth $72,624,000 after acquiring an additional 2,615,081 shares during the period. Finally, Robeco Schweiz AG grew its position in Plug Power by 73.9% in the fourth quarter. Robeco Schweiz AG now owns 4,329,600 shares of the electronics maker’s stock worth $53,557,000 after acquiring an additional 1,839,600 shares during the period. 52.07% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.

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