Plug Power (NASDAQ:PLUG) Trading Down 3.7% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 3.7% during trading on Friday . The company traded as low as $1.68 and last traded at $1.69. Approximately 27,854,584 shares changed hands during trading, a decline of 59% from the average daily volume of 67,468,906 shares. The stock had previously closed at $1.75.

Analysts Set New Price Targets

A number of research firms have issued reports on PLUG. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Craig Hallum reduced their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Wells Fargo & Company dropped their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Finally, Piper Sandler decreased their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Five analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $4.12.

Plug Power Trading Down 5.1 %

The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -0.78 and a beta of 1.79. 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 business’s 50 day moving average price is $2.20 and its two-hundred day moving average price is $2.13.

Institutional Trading of Plug Power

Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning boosted its holdings in shares of Plug Power by 35.9% during the 3rd quarter. Creative Planning now owns 115,614 shares of the electronics maker’s stock valued at $261,000 after acquiring an additional 30,552 shares in the last quarter. Signaturefd LLC raised its position in Plug Power by 119.3% in the third quarter. Signaturefd LLC now owns 19,028 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 10,352 shares during the last quarter. Eastern Bank acquired a new stake in shares of Plug Power during the third quarter valued at about $53,000. Private Advisor Group LLC boosted its stake in shares of Plug Power by 53.2% during the third quarter. Private Advisor Group LLC now owns 65,594 shares of the electronics maker’s stock valued at $148,000 after purchasing an additional 22,770 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Plug Power by 135.7% during the third quarter. International Assets Investment Management LLC now owns 23,201 shares of the electronics maker’s stock worth $52,000 after purchasing an additional 13,357 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

Plug Power Company Profile

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.