Fintel reports that on July 5, 2023, Citigroup initiated coverage of Plug Power (NASDAQ:PLUG) with a Buy recommendation.
Analyst Price Forecast Suggests 87.06% Upside
As of June 1, 2023, the average one-year price target for Plug Power is 19.27. The forecasts range from a low of 7.58 to a high of $81.90. The average price target represents an increase of 87.06% from its latest reported closing price of 10.30.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Plug Power is 1,419MM, an increase of 84.07%. The projected annual non-GAAP EPS is -0.64.
What is the Fund Sentiment?
There are 893 funds or institutions reporting positions in Plug Power. This is a decrease of 31 owner(s) or 3.35% in the last quarter. Average portfolio weight of all funds dedicated to PLUG is 0.13%, a decrease of 16.06%. Total shares owned by institutions decreased in the last three months by 5.95% to 310,444K shares. 
The put/call ratio of PLUG is 0.72, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 18,095K shares representing 3.01% ownership of the company. In it's prior filing, the firm reported owning 17,772K shares, representing an increase of 1.79%. The firm decreased its portfolio allocation in PLUG by 10.92% over the last quarter.
BNP Paribas Asset Management Holding holds 17,273K shares representing 2.88% ownership of the company. In it's prior filing, the firm reported owning 17,214K shares, representing an increase of 0.35%. The firm decreased its portfolio allocation in PLUG by 7.94% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 13,615K shares representing 2.27% ownership of the company. In it's prior filing, the firm reported owning 13,554K shares, representing an increase of 0.44%. The firm decreased its portfolio allocation in PLUG by 7.88% over the last quarter.
ICLN - iShares Global Clean Energy ETF holds 11,706K shares representing 1.95% ownership of the company. In it's prior filing, the firm reported owning 10,236K shares, representing an increase of 12.55%. The firm decreased its portfolio allocation in PLUG by 30.42% over the last quarter.
Amundi holds 8,702K shares representing 1.45% ownership of the company. In it's prior filing, the firm reported owning 5,874K shares, representing an increase of 32.50%. The firm decreased its portfolio allocation in PLUG by 94.29% over the last quarter.
Plug Power Background Information
(This description is provided by the company.)
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The company's innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs. Plug Power's vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.
Additional reading:
- Plug Power Hosts Analyst Day to Showcase Revenue Growth Opportunities and Operational Scale at Gigafactory Company Introduces Portable Hydrogen Refueler Solution with Three Transit Customers
- Copyright 2023, Plug Power Inc. Analyst Day Andy Marsh, CEO June 14, 2023
- Copyright 2021, Plug Power Inc. Plug Power’s Q1 2023 Earnings Call May 9, 2023
- Form 10-Q
- Plug Reports $210.3MM in Revenue, up 49% Year Over Year Reaffirming 2023 Targets, focused on key initiatives to enable revenue growth and path to profitability
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
