Plug Power (NASDAQ:PLUG) Lifted to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Plug Power (NASDAQ:PLUG) from an equal weight rating to an overweight rating in a research note released on Wednesday, Analyst Price Targets reports. They currently have $40.00 price target on the electronics maker’s stock, up from their prior price target of $35.00.

A number of other equities analysts have also recently issued reports on PLUG. Barclays raised shares of Plug Power from an underweight rating to an equal weight rating and set a $27.00 target price on the stock in a report on Friday, October 8th. BMO Capital Markets initiated coverage on shares of Plug Power in a report on Thursday, September 30th. They set a market perform rating and a $30.00 target price for the company. Truist reduced their target price on shares of Plug Power from $42.00 to $29.00 and set a hold rating for the company in a report on Monday, August 9th. Zacks Investment Research lowered shares of Plug Power from a hold rating to a strong sell rating in a research note on Tuesday. Finally, Seaport Res Ptn reissued a buy rating on shares of Plug Power in a research note on Thursday, July 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Plug Power currently has an average rating of Buy and a consensus target price of $39.28.

PLUG stock opened at $33.59 on Wednesday. The company has a market cap of $19.29 billion, a price-to-earnings ratio of -21.95 and a beta of 1.37. The company has a quick ratio of 18.94, a current ratio of 19.78 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $26.20 and a 200-day simple moving average of $28.05. Plug Power has a 52 week low of $13.69 and a 52 week high of $75.49.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 5th. The electronics maker reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.11). The business had revenue of $124.56 million for the quarter, compared to the consensus estimate of $113.11 million. As a group, analysts expect that Plug Power will post -0.41 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in PLUG. First Trust Advisors LP boosted 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 worth $545,000 after buying an additional 8,331 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Plug Power during the first quarter valued at about $2,097,000. New York State Common Retirement Fund increased its position in shares of Plug Power by 7.2% during the first quarter. New York State Common Retirement Fund now owns 362,200 shares of the electronics maker’s stock valued at $12,981,000 after buying an additional 24,300 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in shares of Plug Power in the first quarter worth approximately $389,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Plug Power in the first quarter worth approximately $9,760,000. Institutional investors and hedge funds own 47.46% of the company’s stock.

Plug Power Company Profile

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.

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Analyst Recommendations for Plug Power (NASDAQ:PLUG)

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