Jefferies Financial Group Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.00

Plug Power (NASDAQ:PLUG) had its price objective cut by Jefferies Financial Group from $2.20 to $2.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the electronics maker’s stock. Jefferies Financial Group’s price objective would suggest a potential downside of 2.44% from the company’s previous close.

Other equities research analysts have also issued reports about the company. B. Riley raised Plug Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Susquehanna decreased their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Wells Fargo & Company reduced their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Truist Financial reduced their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, Craig Hallum cut their target price on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus price target of $5.01.

Plug Power Stock Performance

PLUG traded down $0.11 during trading hours on Thursday, hitting $2.05. The company’s stock had a trading volume of 22,409,961 shares, compared to its average volume of 39,384,277. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $7.90. The company has a current ratio of 2.07, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.80 billion, a PE ratio of -0.86 and a beta of 1.79. The company has a 50-day simple moving average of $2.07 and a 200 day simple moving average of $2.60.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The business had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The firm’s revenue was down 44.9% compared to the same quarter last year. As a group, sell-side analysts expect that Plug Power will post -1.15 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PLUG. Mosley Wealth Management bought a new position in Plug Power in the 1st quarter worth approximately $35,000. J.W. Cole Advisors Inc. bought a new stake in shares of Plug Power in the 1st quarter valued at $36,000. HighPoint Advisor Group LLC bought a new stake in shares of Plug Power in the 4th quarter valued at $48,000. HBK Sorce Advisory LLC bought a new stake in shares of Plug Power in the 1st quarter valued at $37,000. Finally, Nations Financial Group Inc. IA ADV bought a new stake in shares of Plug Power in the 2nd quarter valued at $26,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.