Plug Power (NASDAQ:PLUG) Price Target Cut to $2.00 by Analysts at Wells Fargo & Company

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

A number of other analysts have also recently commented on PLUG. Piper Sandler dropped their price target on Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a research report on Monday, July 22nd. Jefferies Financial Group dropped their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday. Evercore ISI reduced their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

PLUG stock traded down $0.11 during mid-day trading on Thursday, hitting $1.87. 47,039,238 shares of the stock were exchanged, compared to its average volume of 41,151,031. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91. The business has a fifty day moving average price of $2.07 and a 200 day moving average price of $2.41. Plug Power has a 12 month low of $1.60 and a 12 month high of $5.14. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -0.89 and a beta of 1.81.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data 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 company had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.47) EPS. On average, sell-side analysts anticipate that Plug Power will post -1.16 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Several large investors have recently bought and sold shares of PLUG. SteelPeak Wealth LLC purchased a new position in shares of Plug Power in the second quarter worth approximately $26,000. Nations Financial Group Inc. IA ADV bought a new stake in Plug Power in the 2nd quarter valued at $26,000. Aire Advisors LLC bought a new stake in Plug Power in the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC bought a new stake in Plug Power in the 2nd quarter valued at $29,000. Finally, Profund Advisors LLC acquired a new stake in shares of Plug Power in the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.