Royal Bank of Canada Lowers Plug Power (NASDAQ:PLUG) Price Target to $12.00

Plug Power (NASDAQ:PLUG – Get Rating) had its target price dropped by equities research analysts at Royal Bank of Canada from $17.00 to $12.00 in a report released on Wednesday, The Fly reports. Royal Bank of Canada’s target price would indicate a potential upside of 56.86% from the stock’s previous close.

Several other brokerages have also recently commented on PLUG. UBS Group decreased their target price on Plug Power from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, April 21st. KeyCorp decreased their target price on Plug Power from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Piper Sandler cut their price objective on Plug Power from $12.00 to $10.00 in a report on Wednesday. BMO Capital Markets cut their price objective on Plug Power from $10.00 to $7.50 in a report on Wednesday. Finally, Citigroup cut their price objective on Plug Power from $21.00 to $20.00 and set a “buy” rating for the company in a report on Sunday, March 5th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.43.

Plug Power Stock Performance

PLUG opened at $7.65 on Wednesday. The firm has a market cap of $4.59 billion, a PE ratio of -6.12 and a beta of 1.75. The business has a fifty day simple moving average of $10.30 and a 200-day simple moving average of $13.43. The company has a quick ratio of 4.19, a current ratio of 5.20 and a debt-to-equity ratio of 0.12. Plug Power has a fifty-two week low of $7.47 and a fifty-two week high of $31.56.

Plug Power (NASDAQ:PLUG – Get Rating) last issued its earnings results on Tuesday, May 9th. The electronics maker reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.08). The business had revenue of $210.29 million during the quarter, compared to analyst estimates of $207.67 million. Plug Power had a negative return on equity of 16.94% and a negative net margin of 103.22%. The business’s quarterly revenue was up 49.3% on a year-over-year basis. During the same period last year, the business earned ($0.27) EPS. As a group, equities analysts predict that Plug Power will post -0.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently made changes to their positions in the business. Riggs Asset Managment Co. Inc. bought a new position in shares of Plug Power in the third quarter worth about $26,000. Millburn Ridgefield Corp increased its stake in shares of Plug Power by 47.8% in the fourth quarter. Millburn Ridgefield Corp now owns 2,316 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 749 shares during the period. Catalyst Capital Advisors LLC increased its stake in shares of Plug Power by 47.8% in the fourth quarter. Catalyst Capital Advisors LLC now owns 2,316 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 749 shares during the period. Exos TFP Holdings LLC bought a new position in shares of Plug Power in the third quarter worth about $30,000. Finally, Armstrong Advisory Group Inc. bought a new position in shares of Plug Power in the fourth quarter worth about $31,000. 52.07% of the stock is currently owned by institutional investors.

Plug Power Company Profile

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.