Plug Power (NASDAQ:PLUG) had its target price increased by B. Riley from $18.00 to $24.00 in a report published on Tuesday morning, Analyst Ratings Network reports. B. Riley currently has a buy rating on the electronics maker’s stock. B. Riley also issued estimates for Plug Power’s Q4 2020 earnings at ($0.11) EPS, FY2020 earnings at ($0.36) EPS, FY2021 earnings at ($0.24) EPS, FY2022 earnings at ($0.13) EPS, FY2023 earnings at $0.03 EPS and FY2024 earnings at $0.18 EPS.
PLUG has been the subject of a number of other reports. BidaskClub upgraded Plug Power from a buy rating to a strong-buy rating in a research report on Saturday, October 3rd. Barclays upped their target price on Plug Power from $12.00 to $13.00 and gave the company an equal weight rating in a research report on Friday, September 25th. HC Wainwright reissued a buy rating and issued a $14.00 target price on shares of Plug Power in a research report on Thursday, July 16th. Odeon Capital Group started coverage on Plug Power in a research report on Tuesday, August 18th. They issued a buy rating for the company. Finally, Morgan Stanley raised Plug Power from an equal weight rating to an overweight rating and set a $14.00 price objective for the company in a research report on Monday, September 28th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Plug Power has an average rating of Buy and an average target price of $22.13.
Plug Power stock opened at $23.45 on Tuesday. The stock has a 50-day moving average price of $15.84 and a 200 day moving average price of $10.04. The company has a quick ratio of 1.34, a current ratio of 1.89 and a debt-to-equity ratio of 2.27. The company has a market capitalization of $9.75 billion, a price-to-earnings ratio of -75.64 and a beta of 1.31. Plug Power has a 52 week low of $2.53 and a 52 week high of $24.26.
In other news, VP Gerard L. Conway, Jr. sold 66,667 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $12.96, for a total value of $864,004.32. Following the completion of the sale, the vice president now directly owns 77,186 shares of the company’s stock, valued at approximately $1,000,330.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Paul B. Middleton sold 697,066 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $18.49, for a total value of $12,888,750.34. Following the completion of the sale, the chief financial officer now directly owns 897,056 shares of the company’s stock, valued at $16,586,565.44. The disclosure for this sale can be found here. Insiders have sold a total of 1,951,680 shares of company stock valued at $30,324,649 over the last ninety days. 4.50% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of PLUG. First Trust Advisors LP lifted its holdings in shares of Plug Power by 3.8% in the 1st quarter. First Trust Advisors LP now owns 227,250 shares of the electronics maker’s stock valued at $545,000 after buying an additional 8,331 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Plug Power by 30.6% in the 1st quarter. Wells Fargo & Company MN now owns 187,276 shares of the electronics maker’s stock valued at $664,000 after buying an additional 43,826 shares during the period. Royal Bank of Canada lifted its holdings in shares of Plug Power by 20.0% in the 1st quarter. Royal Bank of Canada now owns 33,520 shares of the electronics maker’s stock valued at $119,000 after buying an additional 5,598 shares during the period. State Street Corp lifted its holdings in shares of Plug Power by 30.1% in the 1st quarter. State Street Corp now owns 6,707,954 shares of the electronics maker’s stock valued at $23,746,000 after buying an additional 1,551,234 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Plug Power in the 2nd quarter valued at approximately $246,000. 44.56% of the stock is owned by institutional investors and hedge funds.
About Plug Power
Plug Power Inc provides hydrogen fuel cell turnkey solutions for the electric mobility and stationary power markets in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure.
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