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

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

Several other research firms have also recently issued reports on PLUG. Evercore ISI decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Susquehanna cut their target price on shares of Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Plug Power in a research note on Wednesday, November 13th. Finally, Truist Financial cut their target price on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Down 5.1 %

Plug Power stock opened at $1.87 on Thursday. The firm has a 50 day simple moving average of $2.08 and a 200-day simple moving average of $2.40. 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 stock has a market capitalization of $1.70 billion, a PE ratio of -0.87 and a beta of 1.81. Plug Power has a 12-month low of $1.60 and a 12-month high of $5.14.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (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 the consensus estimate of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company’s revenue was down 12.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.47) earnings per share. As a group, equities research analysts expect that Plug Power will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pitcairn Co. lifted its position in Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock worth $67,000 after buying an additional 4,169 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its position in Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after buying an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors lifted its position in Plug Power by 18.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after buying an additional 5,075 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after buying an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares in the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.