Plug Power Inc. (NASDAQ:PLUG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Posted by on Aug 6th, 2023

Shares of Plug Power Inc. (NASDAQ:PLUG – Get Free Report) have received a consensus rating of “Moderate Buy” from the nineteen analysts that are presently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $20.21.

PLUG has been the subject of a number of analyst reports. Citigroup initiated coverage on Plug Power in a research note on Wednesday, July 5th. They set a “buy” rating and a $13.00 price target for the company. Truist Financial lifted their price target on Plug Power from $9.00 to $12.00 in a research note on Thursday, June 15th. BMO Capital Markets cut their price target on Plug Power from $10.00 to $7.50 in a research note on Wednesday, May 10th. Piper Sandler lifted their price target on Plug Power from $8.00 to $9.00 in a research note on Tuesday, July 18th. Finally, B. Riley cut their target price on Plug Power from $26.00 to $18.00 in a research note on Tuesday, June 27th.

Plug Power Stock Performance

Shares of Plug Power stock opened at $11.56 on Friday. Plug Power has a one year low of $7.39 and a one year high of $31.56. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of -8.69 and a beta of 1.83. The business has a 50-day simple moving average of $10.67 and a 200 day simple moving average of $11.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.39 and a quick ratio of 3.25.

Plug Power (NASDAQ:PLUG – Get Free Report) last issued its earnings results on Tuesday, May 9th. The electronics maker reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.08). The firm had revenue of $210.29 million during the quarter, compared to the consensus estimate of $207.67 million. Plug Power had a negative net margin of 100.41% and a negative return on equity of 18.72%. The business’s quarterly revenue was up 49.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.27) earnings per share. On average, research analysts anticipate that Plug Power will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in Plug Power by 3.0% during the first quarter. BlackRock Inc. now owns 52,381,858 shares of the electronics maker’s stock valued at $613,915,000 after buying an additional 1,534,756 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Plug Power by 0.3% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,273,417 shares of the electronics maker’s stock worth $202,445,000 after purchasing an additional 59,614 shares during the period. Norges Bank purchased a new stake in shares of Plug Power during the fourth quarter worth about $211,176,000. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Plug Power by 128,905.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 16,955,199 shares of the electronics maker’s stock worth $176,165,000 after purchasing an additional 16,942,056 shares during the period. Finally, State Street Corp boosted its holdings in shares of Plug Power by 7.3% during the first quarter. State Street Corp now owns 15,402,314 shares of the electronics maker’s stock worth $180,514,000 after purchasing an additional 1,052,866 shares during the period. 49.75% of the stock is currently owned by hedge funds and other institutional investors.

About Plug Power

(Get Free Report

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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