Plug Power (NASDAQ:PLUG) Shares Gap Down After Analyst Downgrade

Posted by Defense World Staff on Oct 7th, 2023

Plug Power Inc. (NASDAQ:PLUG – Get Free Report)’s stock price gapped down before the market opened on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $12.00. The stock had previously closed at $6.40, but opened at $6.22. JPMorgan Chase & Co. currently has an overweight rating on the stock. Plug Power shares last traded at $6.33, with a volume of 2,415,920 shares traded.

Several other research firms have also weighed in on PLUG. Morgan Stanley cut their target price on Plug Power from $15.00 to $10.00 and set an “equal weight” rating on the stock in a report on Thursday, August 31st. Piper Sandler raised their price target on Plug Power from $8.00 to $9.00 in a research report on Tuesday, July 18th. Roth Capital downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, August 10th. B. Riley lowered their price target on Plug Power from $26.00 to $18.00 in a research report on Tuesday, June 27th. Finally, Northland Securities raised Plug Power from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Friday, July 14th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.61.

Get Our Latest Research Report on Plug Power

Insiders Place Their Bets

In other Plug Power news, insider Jose Luis Crespo sold 31,958 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $7.20, for a total transaction of $230,097.60. Following the completion of the transaction, the insider now owns 250,609 shares in the company, valued at $1,804,384.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLUG. US Bancorp DE lifted its stake in Plug Power by 7.9% during the first quarter. US Bancorp DE now owns 11,362 shares of the electronics maker’s stock worth $324,000 after purchasing an additional 833 shares during the period. MetLife Investment Management LLC bought a new position in shares of Plug Power in the first quarter valued at approximately $947,000. Dimensional Fund Advisors LP raised its stake in shares of Plug Power by 34.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,250,478 shares of the electronics maker’s stock valued at $35,771,000 after acquiring an additional 320,262 shares during the last quarter. Blair William & Co. IL raised its stake in shares of Plug Power by 12.6% in the first quarter. Blair William & Co. IL now owns 8,328 shares of the electronics maker’s stock valued at $238,000 after acquiring an additional 934 shares during the last quarter. Finally, Prudential PLC bought a new position in shares of Plug Power in the first quarter valued at approximately $248,000. Institutional investors own 49.99% of the company’s stock.

Plug Power Stock Up 3.3 %

The business’s 50 day moving average price is $8.68 and its 200-day moving average price is $9.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.16 and a quick ratio of 2.07. The company has a market cap of $3.98 billion, a P/E ratio of -4.62 and a beta of 1.91.

Plug Power (NASDAQ:PLUG – Get Free Report) last posted its earnings results on Wednesday, August 9th. The electronics maker reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.07). Plug Power had a negative net margin of 95.15% and a negative return on equity of 20.27%. The firm had revenue of $260.18 million during the quarter, compared to the consensus estimate of $237.38 million. On average, analysts anticipate that Plug Power Inc. will post -1.26 earnings per share for the current fiscal year.

Plug Power Company Profile

(Get Free Report)

Plug Power Inc delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure.