Plug Power (NASDAQ:PLUG) Given New $1.00 Price Target at Wells Fargo & Company

Plug Power (NASDAQ:PLUG) had its price objective cut by Wells Fargo & Company from $2.00 to $1.00 in a report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

Other equities analysts have also issued reports about the stock. B. Riley reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Plug Power in a research report on Monday, March 24th. Morgan Stanley dropped their price target on Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research report on Thursday, March 6th. BMO Capital Markets lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Finally, Seaport Res Ptn lowered shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $1.99.

Plug Power Price Performance

PLUG stock opened at $0.79 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $803.30 million, a PE ratio of -0.37 and a beta of 2.19. Plug Power has a 12 month low of $0.76 and a 12 month high of $3.75. The company has a 50-day moving average price of $1.17 and a 200 day moving average price of $1.79.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $133.67 million during the quarter, compared to analysts’ expectations of $130.92 million. Equities research analysts anticipate that Plug Power will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Norges Bank acquired a new position in Plug Power in the 4th quarter worth about $146,465,000. Heights Capital Management Inc. acquired a new position in Plug Power during the first quarter worth $31,174,000. Point72 Asset Management L.P. purchased a new position in Plug Power during the fourth quarter valued at $10,370,000. Vanguard Group Inc. increased its stake in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after purchasing an additional 4,491,114 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Plug Power during the 4th quarter worth about $6,235,000. 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.