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

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

Several other research analysts have also recently weighed in on the company. Evercore ISI decreased their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday. Royal Bank of Canada cut their price target on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. Craig Hallum lowered their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Jefferies Financial Group dropped their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, Truist Financial reduced their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a report on Monday, August 12th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $4.52.

Plug Power Price Performance

PLUG stock opened at $1.87 on Thursday. The firm’s 50-day moving average is $2.08 and its two-hundred day moving average is $2.40. Plug Power has a 52 week low of $1.60 and a 52 week high of $5.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.47) EPS. Equities research analysts expect that Plug Power will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLUG. Geode Capital Management LLC boosted its position in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the period. Duff & Phelps Investment Management Co. boosted its holdings in shares of Plug Power by 31.7% during 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 during the period. Main Management ETF Advisors LLC purchased a new position in Plug Power during the third quarter valued at approximately $823,000. XTX Topco Ltd purchased a new position in Plug Power during the third quarter valued at approximately $2,174,000. Finally, Stifel Financial Corp lifted its position in Plug Power by 23.4% in the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after buying an additional 265,514 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.