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

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

PLUG has been the topic of a number of other research reports. Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a 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 note on Wednesday, November 13th. Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Canaccord Genuity Group reduced their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada reduced their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research note on Monday, August 12th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned 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 price target of $4.52.

Plug Power Price Performance

Shares of Plug Power stock opened at $1.87 on Thursday. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14. The stock has a market capitalization of $1.70 billion, a P/E ratio of -0.87 and a beta of 1.81. The company has a current ratio of 2.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average price is $2.08 and its 200 day moving average price is $2.40.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. During the same quarter in the previous year, the business posted ($0.47) EPS. Plug Power’s revenue was down 12.6% compared to the same quarter last year. As a group, research analysts anticipate that Plug Power will post -1.2 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its stake in Plug Power by 23.6% during the third 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. raised its stake in 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 acquiring an additional 18,110 shares during the period. Main Management ETF Advisors LLC acquired a new stake in Plug Power during the third quarter worth about $823,000. XTX Topco Ltd acquired a new stake in Plug Power during the third quarter worth about $2,174,000. Finally, Stifel Financial Corp raised its stake in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after acquiring an additional 265,514 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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.