Wolfe Research slashes price target on Plug Power Inc. [PLUG] – find out why.


Plug Power Inc. [NASDAQ: PLUG] traded at a low on 12/03/21, posting a -8.13 loss after which it closed the day’ session at $33.46. The company report on November 30, 2021 that Plug Power and ACCIONA Energía Launch AccionaPlug to Address Green Hydrogen Market in Spain and Portugal.

The AccionaPlug Venture Aims for Substantial Market Share, Targeting to Produce more than 100 Tons of Green Hydrogen per Day in the Medium Term.

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Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and ACCIONA Energía (BME:ANE), a global developer, owner, and operator of renewable energy projects, announced that the companies have finalized the formation of their previously announced 50-50 joint-venture. Incorporated as AccionaPlug, the joint-venture is headquartered in Madrid and will develop, operate, and maintain green hydrogen projects throughout Spain and Portugal. Alan Ripa, with 16 years track record in executive positions in ACCIONA Energía group, his last position being Chief Executive Supervisor at ACCIONA Energía Internacional, has been named CEO of AccionaPlug.

The results of the trading session contributed to over 28824069 shares changing hands. Over the past one week, the price volatility of Plug Power Inc. stands at 9.46% while the volatility over the past one month is 8.06%.

The market cap for PLUG stock reached $17.50 billion, with 574.52 million shares outstanding and 517.83 million shares in the current float. Compared to the average trading volume of 23.08M shares, PLUG reached a trading volume of 28824069 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Plug Power Inc. [PLUG]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PLUG shares is $49.40 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PLUG stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wolfe Research have made an estimate for Plug Power Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on November 10, 2021. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price from $40 to $48. The new note on the price target was released on November 10, 2021, representing the official price target for Plug Power Inc. stock. Previously, the target price had yet another raise from $41 to $44, while Cowen kept a Outperform rating on PLUG stock. On November 10, 2021, analysts increased their price target for PLUG shares from 31 to 38.

The Average True Range (ATR) for Plug Power Inc. is set at 3.20, with the Price to Sales ratio for PLUG stock in the period of the last 12 months amounting to 40.60. The Price to Book ratio for the last quarter was 4.09, with the Price to Cash per share for the same quarter was set at 7.89.

How has PLUG stock performed recently?

Plug Power Inc. [PLUG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.87. With this latest performance, PLUG shares dropped by -16.43% in over the last four-week period, additionally plugging by 1.86% over the last 6 months – not to mention a rise of 40.29% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PLUG stock in for the last two-week period is set at 37.59, with the RSI for the last a single of trading hit 29.06, and the three-weeks RSI is set at 43.07 for Plug Power Inc. [PLUG]. The present Moving Average for the last 50 days of trading for this stock 35.23, while it was recorded at 37.61 for the last single week of trading, and 31.66 for the last 200 days.

Plug Power Inc. [PLUG]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Plug Power Inc. [PLUG] shares currently have an operating margin of -45.68 and a Gross Margin at -13.37. Plug Power Inc.’s Net Margin is presently recorded at -179.67.

Return on Total Capital for PLUG is now -11.22, given the latest momentum, and Return on Invested Capital for the company is -46.71. Return on Equity for this stock declined to -74.39, with Return on Assets sitting at -39.45. When it comes to the capital structure of this company, Plug Power Inc. [PLUG] has a Total Debt to Total Equity ratio set at 38.31. Additionally, PLUG Total Debt to Total Capital is recorded at 27.70, with Total Debt to Total Assets ending up at 24.96. Long-Term Debt to Equity for the company is recorded at 33.31, with the Long-Term Debt to Total Capital now at 24.08.

Reflecting on the efficiency of the workforce at the company, Plug Power Inc. [PLUG] managed to generate an average of -$463,934 per employee. Receivables Turnover for the company is 6.64 with a Total Asset Turnover recorded at a value of 0.22.Plug Power Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 16.90 and a Current Ratio set at 17.70.

Earnings analysis for Plug Power Inc. [PLUG]

With the latest financial reports released by the company, Plug Power Inc. posted -1.12/share EPS, while the average EPS was predicted by analysts to be reported at -0.1/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -1,020.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PLUG.

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Insider trade positions for Plug Power Inc. [PLUG]

There are presently around $9,866 million, or 52.70% of PLUG stock, in the hands of institutional investors. The top three institutional holders of PLUG stocks are: VANGUARD GROUP INC with ownership of 49,409,667, which is approximately 0.627% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 45,548,919 shares of the stock with an approximate value of $1.52 billion in PLUG stocks shares; and ALLIANZ ASSET MANAGEMENT GMBH, currently with $585.7 million in PLUG stock with ownership of nearly 25.331% of the company’s market capitalization.

Positions in Plug Power Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 270 institutional holders increased their position in Plug Power Inc. [NASDAQ:PLUG] by around 40,490,848 shares. Additionally, 235 investors decreased positions by around 29,004,611 shares, while 117 investors held positions by with 225,368,580 shares. The mentioned changes placed institutional holdings at 294,864,039 shares, according to the latest SEC report filing. PLUG stock had 67 new institutional investments in for a total of 15,753,663 shares, while 87 institutional investors sold positions of 4,761,700 shares during the same period.