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

Plug Power (NASDAQ:PLUG) had its target price lowered by Evercore ISI from $5.00 to $4.00 in a report released on Wednesday,Benzinga reports. Evercore ISI currently has an outperform rating on the electronics maker’s stock.

Several other research firms have also recently weighed in on PLUG. Royal Bank of Canada decreased their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday. Craig Hallum cut their price target on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company decreased 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 note on Friday, August 9th. Finally, Jefferies Financial Group cut their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Down 5.1 %

PLUG opened at $1.87 on Wednesday. The business has a fifty day simple moving average of $2.08 and a 200-day simple moving average of $2.40. Plug Power has a 52 week low of $1.60 and a 52 week high of $5.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results 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). The company had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.47) EPS. On average, equities analysts predict that Plug Power will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently bought and sold shares of PLUG. Geode Capital Management LLC lifted its holdings in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after purchasing an additional 3,662,456 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of Plug Power by 31.7% during the 3rd 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 period. Main Management ETF Advisors LLC purchased a new stake in shares of Plug Power during the 3rd quarter valued at $823,000. XTX Topco Ltd purchased a new stake in Plug Power during the third quarter valued at about $2,174,000. Finally, Stifel Financial Corp increased its position in Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after purchasing an additional 265,514 shares in the last quarter. 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.