Plug Power (NASDAQ:PLUG) Given New $2.00 Price Target at Wells Fargo & Company

Plug Power (NASDAQ:PLUG) had its target price cut by stock analysts at Wells Fargo & Company from $3.00 to $2.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the electronics maker’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 6.95% from the stock’s previous close.

PLUG has been the subject of a number of other reports. Susquehanna cut their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Royal Bank of Canada cut their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday. Craig Hallum dropped their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Truist Financial dropped their price objective on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Stock Performance

PLUG opened at $1.87 on Thursday. The business has a fifty day simple moving average of $2.08 and a 200 day simple moving average of $2.40. The company has a market capitalization of $1.64 billion, a PE ratio of -0.87 and a beta of 1.81. 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 0.15, a current ratio of 2.08 and a quick ratio of 0.91.

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

Hedge Funds Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the stock. Duff & Phelps Investment Management Co. increased its holdings in Plug Power by 31.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 75,160 shares of the electronics maker’s stock worth $170,000 after purchasing an additional 18,110 shares in the last quarter. Main Management ETF Advisors LLC bought a new stake in Plug Power in the third quarter worth approximately $823,000. XTX Topco Ltd acquired a new stake in Plug Power in the third quarter valued at approximately $2,174,000. Stifel Financial Corp grew its stake in Plug Power by 23.4% in the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after acquiring an additional 265,514 shares during the period. Finally, Millburn Ridgefield Corp grew its stake in Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the period. 43.48% of the stock is currently owned by institutional investors.

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.