Plug Power (NASDAQ:PLUG) Price Target Cut to $3.00 by Analysts at Wells Fargo & Company

Plug Power (NASDAQ:PLUG) had its price objective reduced by Wells Fargo & Company from $4.00 to $3.00 in a report issued on Friday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electronics maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright reaffirmed a buy rating and set a $18.00 price objective on shares of Plug Power in a research report on Tuesday, May 14th. Piper Sandler cut their price target on shares of Plug Power from $2.50 to $2.40 and set an underweight rating for the company in a report on Monday, July 22nd. Craig Hallum reduced their price target on shares of Plug Power from $5.00 to $4.00 and set a buy rating on the stock in a research report on Friday. Morgan Stanley lowered their price objective on shares of Plug Power from $3.00 to $2.50 and set an underweight rating for the company in a research report on Friday, May 10th. Finally, Susquehanna reduced their target price on Plug Power from $3.50 to $3.00 and set a neutral rating on the stock in a report on Friday, May 10th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of Hold and a consensus target price of $5.39.

Plug Power Stock Performance

Shares of PLUG stock traded down $0.11 during midday trading on Friday, hitting $1.97. 37,094,800 shares of the company were exchanged, compared to its average volume of 45,062,500. The firm has a market capitalization of $1.46 billion, a P/E ratio of -0.82 and a beta of 1.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 1.94. Plug Power has a 52 week low of $1.93 and a 52 week high of $9.77. The firm’s 50 day moving average price is $2.61 and its two-hundred day moving average price is $3.09.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 181.96% and a negative return on equity of 43.10%. The business’s revenue for the quarter was down 44.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) EPS. As a group, equities research analysts anticipate that Plug Power will post -1.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PLUG. Vanguard Group Inc. increased its stake in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after acquiring an additional 999,194 shares in the last quarter. Norges Bank acquired a new position in shares of Plug Power during the fourth quarter valued at about $97,800,000. Pinnacle Associates Ltd. raised its holdings in shares of Plug Power by 41.4% during the first quarter. Pinnacle Associates Ltd. now owns 3,775,808 shares of the electronics maker’s stock valued at $12,989,000 after purchasing an additional 1,105,813 shares during the period. Van ECK Associates Corp boosted its position in shares of Plug Power by 37.0% during the 2nd quarter. Van ECK Associates Corp now owns 3,422,814 shares of the electronics maker’s stock worth $7,975,000 after purchasing an additional 923,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Plug Power by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,374,782 shares of the electronics maker’s stock valued at $15,187,000 after buying an additional 102,095 shares during the period. 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.