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

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

Several other research firms also recently issued reports on PLUG. Jefferies Financial Group decreased their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday. Truist Financial dropped their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. 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. Finally, Piper Sandler dropped their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Down 5.1 %

Shares of 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 firm’s 50 day moving average price is $2.08 and its 200 day moving average price is $2.40. Plug Power has a twelve month low of $1.60 and a twelve month high of $5.14.

Plug Power (NASDAQ:PLUG) last released its quarterly 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). The business had revenue of $173.70 million for 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 firm’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.47) EPS. As a group, equities research analysts forecast that Plug Power will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently made changes to their positions in the business. Empowered Funds LLC bought a new stake in Plug Power in the first quarter valued at about $48,000. Swiss National Bank boosted its holdings in Plug Power by 0.8% during the first quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock valued at $3,701,000 after purchasing an additional 8,300 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Plug Power by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 600,188 shares of the electronics maker’s stock valued at $2,065,000 after purchasing an additional 33,311 shares during the period. HBK Sorce Advisory LLC acquired a new position in shares of Plug Power in the 1st quarter worth approximately $37,000. Finally, Vanguard Group Inc. lifted its position in shares of Plug Power by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after buying an additional 999,194 shares during the period. Institutional investors and hedge funds 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.