Wells Fargo & Company Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.00

Plug Power (NASDAQ:PLUG - Get Free Report) had its target price reduced by stock analysts at Wells Fargo & Company from $3.00 to $2.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the electronics maker's stock. Wells Fargo & Company's price target indicates a potential upside of 1.52% from the stock's previous close.

A number of other brokerages have also recently issued reports on PLUG. BTIG Research cut Plug Power from a "buy" rating to a "neutral" rating in a report on Thursday. Evercore ISI reduced their price objective on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a "hold" rating on the stock in a report on Thursday, October 3rd. Craig Hallum dropped their price objective on Plug Power from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Finally, Truist Financial dropped their target price on shares of Plug Power from $3.00 to $2.00 and set a "hold" rating on the stock in a research report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $4.60.

Plug Power Price Performance

Shares of PLUG stock remained flat at $1.97 during trading hours on Thursday. 80,696,231 shares of the stock traded hands, compared to its average volume of 41,123,715. The business's 50-day moving average price is $2.07 and its two-hundred day moving average price is $2.41. Plug Power has a 1-year low of $1.60 and a 1-year high of $5.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -0.92 and a beta of 1.81.

Plug Power (NASDAQ:PLUG - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter last year, the business posted ($0.47) earnings per share. The firm's revenue for the quarter was down 12.6% on a year-over-year basis. Analysts expect that Plug Power will post -1.16 earnings per share for the current year.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently bought and sold shares of the company. Pitcairn Co. raised its holdings in shares of Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker's stock valued at $67,000 after acquiring an additional 4,169 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker's stock worth $36,000 after buying an additional 4,700 shares during the period. Arkadios Wealth Advisors raised its position in shares of Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker's stock worth $75,000 after acquiring an additional 5,075 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker's stock valued at $1,817,000 after purchasing an additional 5,485 shares during the period. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker's stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.