Plug Power (NASDAQ:PLUG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Plug Power (NASDAQ:PLUG) had its price target upped by Wells Fargo & Company from $2.00 to $2.50 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the electronics maker’s stock. Wells Fargo & Company‘s target price points to a potential downside of 27.54% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. BTIG Research reiterated a “neutral” rating on shares of Plug Power in a research report on Tuesday, March 3rd. Susquehanna boosted their target price on Plug Power from $2.75 to $3.75 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. TD Cowen boosted their target price on Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Plug Power in a research report on Tuesday, April 21st. Finally, Canaccord Genuity Group boosted their target price on Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.42.

Plug Power Stock Performance

Shares of PLUG stock opened at $3.45 on Tuesday. The stock has a market capitalization of $4.81 billion, a PE ratio of -2.61 and a beta of 2.06. Plug Power has a 52-week low of $0.74 and a 52-week high of $4.58. The stock’s 50-day moving average price is $2.77 and its 200 day moving average price is $2.39. The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $163.51 million for the quarter, compared to analysts’ expectations of $139.87 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The firm’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) EPS. As a group, equities research analysts forecast that Plug Power will post -0.26 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Plug Power by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 129,599,295 shares of the electronics maker’s stock worth $255,311,000 after purchasing an additional 19,967,339 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Plug Power by 208.6% during the 4th quarter. SG Americas Securities LLC now owns 1,119,191 shares of the electronics maker’s stock worth $2,205,000 after purchasing an additional 756,510 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Plug Power by 188,201.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 781,452 shares of the electronics maker’s stock worth $1,539,000 after purchasing an additional 781,037 shares during the last quarter. Bouvel Investment Partners LLC raised its position in shares of Plug Power by 2,210.4% during the 4th quarter. Bouvel Investment Partners LLC now owns 346,556 shares of the electronics maker’s stock worth $683,000 after purchasing an additional 331,556 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Plug Power by 82.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,914 shares of the electronics maker’s stock worth $1,038,000 after purchasing an additional 238,443 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

About Plug Power

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.