Wells Fargo & Company Cuts Plug Power (NASDAQ:PLUG) Price Target to $2.00

Plug Power (NASDAQ:PLUG) had its price target decreased by Wells Fargo & Company from $3.00 to $2.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the electronics maker’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 3.63% from the company’s previous close.

PLUG has been the topic of several other research reports. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Royal Bank of Canada reduced their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. 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 report on Monday, August 12th. Jefferies Financial Group lowered their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Finally, Evercore ISI decreased their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and an average price target of $4.65.

Plug Power Price Performance

Shares of NASDAQ:PLUG traded down $0.04 on Thursday, reaching $1.93. 9,109,841 shares of the company traded hands, compared to its average volume of 40,788,840. The stock has a market capitalization of $1.70 billion, a PE ratio of -0.91 and a beta of 1.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.07 and a quick ratio of 0.91. The company’s 50 day moving average is $2.06 and its 200-day moving average is $2.41. Plug Power has a fifty-two week low of $1.60 and a fifty-two week high of $5.14.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 47.36%. The business had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the firm posted ($0.47) earnings per share. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. As a group, analysts anticipate that Plug Power will post -1.16 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SteelPeak Wealth LLC bought a new position in Plug Power during the 2nd quarter valued at approximately $26,000. Nations Financial Group Inc. IA ADV bought a new stake in Plug Power in the second quarter valued at $26,000. Aire Advisors LLC purchased a new position in Plug Power during the 2nd quarter valued at $28,000. Madison Park Capital Advisors LLC bought a new position in Plug Power in the 2nd quarter worth $29,000. Finally, Profund Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter worth about $29,000. Institutional investors 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.