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Plug Power (NASDAQ:PLUG) Coverage Initiated at Wells Fargo & Company

Last updated on Monday, April 26, 2021 | 2021 MarketBeat

Research analysts at Wells Fargo & Company began coverage on shares of Plug Power (NASDAQ:PLUG) in a report released on Monday, Benzinga reports. The brokerage set an "equal weight" rating and a $30.00 price target on the electronics maker's stock. Wells Fargo & Company's target price would indicate a potential upside of 7.22% from the stock's current price.

Other analysts also recently issued research reports about the company. Sanford C. Bernstein began coverage on Plug Power in a research note on Wednesday, February 3rd. They set an "outperform" rating and a $75.00 target price on the stock. Zacks Investment Research raised Plug Power from a "sell" rating to a "hold" rating in a research note on Thursday, March 25th. Truist downgraded Plug Power from a "buy" rating to a "hold" rating in a research note on Wednesday, March 17th. B. Riley lifted their target price on Plug Power from $79.00 to $83.00 in a research note on Thursday, January 28th. Finally, Truist Financial cut Plug Power from a "buy" rating to a "hold" rating in a research report on Wednesday, March 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of "Buy" and an average target price of $49.88.

Shares of NASDAQ PLUG opened at $27.98 on Monday. The company has a market cap of $13.13 billion, a price-to-earnings ratio of -84.79 and a beta of 1.81. Plug Power has a 12-month low of $3.79 and a 12-month high of $75.49. The company has a current ratio of 2.95, a quick ratio of 2.44 and a debt-to-equity ratio of 0.91. The stock's 50 day simple moving average is $35.33 and its 200 day simple moving average is $36.92.

Plug Power (NASDAQ:PLUG) last announced its quarterly earnings results on Thursday, February 25th. The electronics maker reported ($1.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($1.04). The company had revenue of $139.66 million during the quarter, compared to the consensus estimate of $84.93 million. Plug Power had a negative return on equity of 37.12% and a negative net margin of 33.75%. As a group, equities analysts forecast that Plug Power will post -0.34 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Strs Ohio increased its stake in shares of Plug Power by 17.5% during the 1st quarter. Strs Ohio now owns 82,400 shares of the electronics maker's stock worth $2,953,000 after purchasing an additional 12,300 shares during the last quarter. Alpha Cubed Investments LLC acquired a new position in shares of Plug Power during the 1st quarter worth $225,000. Private Advisor Group LLC increased its stake in shares of Plug Power by 1.0% during the 1st quarter. Private Advisor Group LLC now owns 192,254 shares of the electronics maker's stock worth $6,891,000 after purchasing an additional 1,845 shares during the last quarter. V Wealth Advisors LLC acquired a new position in shares of Plug Power during the 1st quarter worth $260,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Plug Power by 60.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,313 shares of the electronics maker's stock worth $119,000 after purchasing an additional 1,252 shares during the last quarter. Institutional investors own 50.89% of the company's stock.

Plug Power Company Profile

Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.

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