Piper Sandler Lowers Plug Power (NASDAQ:PLUG) Price Target to $0.80

Plug Power (NASDAQ:PLUG) had its price target decreased by Piper Sandler from $1.10 to $0.80 in a research note issued to investors on Wednesday,Benzinga reports. Piper Sandler currently has an underweight rating on the electronics maker’s stock.

Several other equities analysts have also recently commented on the stock. Wells Fargo & Company dropped their target price on shares of Plug Power from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Wednesday. Morgan Stanley lowered their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research report on Thursday, March 6th. BMO Capital Markets decreased their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Finally, Canaccord Genuity Group lowered their price objective on Plug Power from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Tuesday. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $1.99.

Plug Power Price Performance

Shares of NASDAQ PLUG opened at $0.79 on Wednesday. Plug Power has a 1-year low of $0.76 and a 1-year high of $3.75. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $803.30 million, a P/E ratio of -0.37 and a beta of 2.19. The business’s 50 day moving average is $1.17 and its 200-day moving average is $1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $133.67 million during the quarter, compared to the consensus estimate of $130.92 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. Equities research analysts predict that Plug Power will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several large investors have recently made changes to their positions in PLUG. Pacific Sage Partners LLC purchased a new position in Plug Power in the fourth quarter valued at about $25,000. Oppenheimer & Co. Inc. bought a new position in shares of Plug Power during the 4th quarter worth $25,000. Jones Financial Companies Lllp lifted its holdings in Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of Plug Power during the 1st quarter valued at approximately $26,000. Finally, Callan Family Office LLC bought a new position in Plug Power in the 4th quarter worth approximately $27,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.