After Morgan Stanley and H.C. Wainwright gave Plug Power (NASDAQ: PLUG) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Colin Rusch assigned a Buy rating to Plug Power today and set a price target of $23.00. The company’s shares closed last Tuesday at $63.70.
According to TipRanks.com, Rusch is a top 25 analyst with an average return of 70.3% and a 63.9% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as American Superconductor, SolarEdge Technologies, and Westport Fuel Systems.
Currently, the analyst consensus on Plug Power is a Strong Buy with an average price target of $40.80, a -24.4% downside from current levels. In a report issued on January 7, H.C. Wainwright also maintained a Buy rating on the stock with a $60.00 price target.
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Based on Plug Power’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $107 million and GAAP net loss of $39.38 million. In comparison, last year the company earned revenue of $59.46 million and had a GAAP net loss of $18.14 million.
Based on the recent corporate insider activity of 124 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PLUG in relation to earlier this year.
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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. The company was founded by George C. McNamee and Larry G. Garberding on June 27, 1997 and is headquartered in Latham, NY.
