Plug Power (NASDAQ:PLUG) Price Target Raised to $1.50 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its target price for Plug Power stock from $1.00 to $1.50, maintaining an "equal weight" rating, which suggests a potential downside of 8.26% from the stock's current price.
• Analysts exhibit mixed sentiments towards Plug Power, with a consensus rating of "Hold" and an average target price of $1.88, indicating that six analysts
• Plug Power's quarterly earnings showed a loss of ($0.16) per share, missing expectations while reporting revenues of $173.97 million, exceeding analyst estimates by $16 million.

Plug Power (NASDAQ:PLUG - Get Free Report) had its price target hoisted by equities research analysts at Wells Fargo & Company from $1.00 to $1.50 in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has an "equal weight" rating on the electronics maker's stock. Wells Fargo & Company's target price suggests a potential downside of 5.96% from the stock's previous close.

Several other equities analysts also recently commented on the company. Piper Sandler lowered their price objective on Plug Power from $1.10 to $0.80 and set an "underweight" rating on the stock in a research report on Wednesday, May 14th. Wall Street Zen upgraded Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Roth Capital restated a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Jefferies Financial Group boosted their price objective on Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Finally, BMO Capital Markets dropped their price target on Plug Power from $1.10 to $1.00 and set an "underperform" rating for the company in a research note on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, Plug Power currently has a consensus rating of "Reduce" and an average target price of $1.88.

Plug Power Stock Performance

NASDAQ:PLUG traded down $0.0650 during mid-day trading on Thursday, hitting $1.5950. 20,141,557 shares of the company traded hands, compared to its average volume of 86,898,320. The stock's fifty day moving average price is $1.48 and its 200-day moving average price is $1.33. Plug Power has a one year low of $0.69 and a one year high of $3.32. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -0.69 and a beta of 2.35.

Plug Power (NASDAQ:PLUG - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The company had revenue of $173.97 million for the quarter, compared to the consensus estimate of $157.97 million. Research analysts anticipate that Plug Power will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Plug Power

In related news, insider Paul B. Middleton acquired 650,000 shares of the firm's stock in a transaction on Monday, June 9th. The shares were acquired at an average cost of $1.03 per share, for a total transaction of $669,500.00. Following the completion of the transaction, the insider directly owned 2,558,064 shares in the company, valued at approximately $2,634,805.92. This trade represents a 34.07% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Heights Capital Management Inc. purchased a new position in Plug Power during the 1st quarter worth $31,174,000. Legal & General Group Plc increased its holdings in Plug Power by 59.9% during the 2nd quarter. Legal & General Group Plc now owns 16,980,865 shares of the electronics maker's stock worth $25,301,000 after purchasing an additional 6,364,483 shares during the period. Point72 Asset Management L.P. purchased a new position in Plug Power during the 4th quarter worth $10,370,000. Vanguard Group Inc. increased its holdings in Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after purchasing an additional 3,930,342 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Plug Power by 365,934.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 3,795,777 shares of the electronics maker's stock worth $5,656,000 after purchasing an additional 3,794,740 shares during the period. Institutional investors 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.