Plug Power (NASDAQ:PLUG) Rating Lowered to Neutral at BTIG Research

Plug Power (NASDAQ:PLUG) was downgraded by research analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat.com reports.

Other equities research analysts have also issued research reports about the company. Evercore ISI decreased their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday. Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday. Piper Sandler decreased their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a report on Monday, July 22nd. Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company decreased their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

Shares of PLUG opened at $1.87 on Thursday. Plug Power has a 12-month low of $1.60 and a 12-month high of $5.14. The business’s fifty day moving average is $2.08 and its 200 day moving average is $2.40. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter last year, the business posted ($0.47) earnings per share. Plug Power’s revenue was down 12.6% on a year-over-year basis. Sell-side analysts anticipate that Plug Power will post -1.16 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Large investors have recently modified their holdings of the business. Pitcairn Co. lifted its position in Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after buying an additional 4,169 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its position in Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after buying an additional 4,700 shares during the last quarter. Arkadios Wealth Advisors lifted its position in Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after buying an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after buying an additional 5,485 shares during the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the last quarter. Institutional investors own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.