Wells Fargo & Company Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target dropped by investment analysts at Wells Fargo & Company from $3.00 to $2.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the electronics maker’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 6.95% from the stock’s current price.

Several other brokerages have also weighed in on PLUG. Susquehanna decreased their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Evercore ISI decreased their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday. Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday. Finally, Truist Financial decreased their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $1.87 on Thursday. The company has a quick ratio of 0.91, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $2.08 and its two-hundred day moving average is $2.40. The company has a market cap of $1.64 billion, a P/E 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 issued its quarterly earnings results 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 business had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’s quarterly revenue was down 12.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.47) earnings per share. On average, equities analysts expect that Plug Power will post -1.16 EPS for the current year.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the company. HBK Sorce Advisory LLC acquired a new stake in Plug Power in the 1st quarter valued at approximately $37,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $26,000. SteelPeak Wealth LLC acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $26,000. Aire Advisors LLC acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $28,000. Finally, Madison Park Capital Advisors LLC acquired a new position in shares of Plug Power during the 2nd quarter worth approximately $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.