Plug Power’s (PLUG) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Plug Power (NASDAQ:PLUG) in a report published on Wednesday,Benzinga reports. The brokerage currently has a $18.00 price target on the electronics maker’s stock. HC Wainwright also issued estimates for Plug Power’s Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.36) EPS, FY2025 earnings at ($0.49) EPS, FY2026 earnings at ($0.39) EPS, FY2027 earnings at ($0.21) EPS and FY2028 earnings at $0.11 EPS.

A number of other analysts have also recently commented on PLUG. Wells Fargo & Company lowered their price objective on shares of 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. Royal Bank of Canada lowered their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Piper Sandler lowered their price objective on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Truist Financial lowered their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Finally, Craig Hallum lowered their target price on Plug Power from $5.00 to $4.00 and set a “buy” 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 given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Performance

PLUG stock opened at $1.87 on Wednesday. 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 company has a market cap of $1.64 billion, a P/E ratio of -0.87 and a beta of 1.81. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $207.25 million. During the same period last year, the company earned ($0.47) EPS. The business’s revenue for the quarter was down 12.6% compared to the same quarter last year. Equities research analysts forecast that Plug Power will post -1.16 EPS for the current year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in Plug Power by 23.6% during the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its position in Plug Power by 31.7% during the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after acquiring an additional 18,110 shares during the last quarter. Main Management ETF Advisors LLC acquired a new stake in shares of Plug Power in the third quarter valued at approximately $823,000. XTX Topco Ltd acquired a new stake in shares of Plug Power in the third quarter valued at approximately $2,174,000. Finally, Stifel Financial Corp raised its position in shares of Plug Power by 23.4% in the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after buying an additional 265,514 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

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.