Evercore ISI Lowers Plug Power (NASDAQ:PLUG) Price Target to $4.00

Plug Power (NASDAQ:PLUG) had its price objective reduced by Evercore ISI from $5.00 to $4.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the electronics maker’s stock. Evercore ISI’s price objective points to a potential upside of 96.20% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Susquehanna reduced their price objective on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Jefferies Financial Group reduced their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a research report on Wednesday. Finally, Craig Hallum reduced their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.75.

Plug Power Price Performance

Shares of NASDAQ PLUG traded up $0.13 during mid-day trading on Wednesday, hitting $2.04. 48,105,579 shares of the company’s stock traded hands, compared to its average volume of 40,826,297. The company’s 50-day moving average is $2.06 and its two-hundred day moving average is $2.41. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The company has a market capitalization of $1.79 billion, a P/E ratio of -0.95 and a beta of 1.81. Plug Power has a 1 year low of $1.60 and a 1 year high of $5.14.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) 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 47.36%. The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the prior year, the company posted ($0.47) earnings per share. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, equities analysts anticipate that Plug Power will post -1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Swedbank AB purchased a new position in Plug Power in the first quarter valued at $10,687,000. SG Americas Securities LLC increased its holdings in Plug Power by 134.0% in the second quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock valued at $5,728,000 after buying an additional 1,407,858 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after buying an additional 1,354,500 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Plug Power by 44.3% in the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after buying an additional 1,051,400 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares during the period. Hedge funds and other 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.