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

Plug Power (NASDAQ:PLUG) had its target price decreased by Wells Fargo & Company from $3.00 to $2.00 in a report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electronics maker’s stock.

Several other equities analysts have also recently weighed in on the company. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Craig Hallum reduced their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group reduced their price target on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday. Evercore ISI reduced their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Piper Sandler dropped their price objective on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research note on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Trading Down 5.3 %

NASDAQ:PLUG traded down $0.11 during mid-day trading on Thursday, hitting $1.87. The company had a trading volume of 47,039,238 shares, compared to its average volume of 41,151,031. The firm has a market cap of $1.64 billion, a P/E ratio of -0.89 and a beta of 1.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08. The business’s fifty day moving average is $2.07 and its two-hundred day moving average is $2.41. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the business posted ($0.47) earnings per share. The firm’s quarterly revenue was down 12.6% compared to the same quarter last year. As a group, research analysts expect that Plug Power will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after buying an additional 999,194 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the last quarter. Van ECK Associates Corp increased its position in Plug Power by 23.6% in the third quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after buying an additional 1,051,400 shares during the period. Finally, Swedbank AB bought a new position in Plug Power during the 1st quarter worth about $10,687,000. Institutional investors own 43.48% of the company’s stock.

About Plug Power

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.