Plug Power (NASDAQ:PLUG) Sets New 1-Year Low – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $1.35 and last traded at $1.36, with a volume of 29507183 shares changing hands. The stock had previously closed at $1.44.

Analysts Set New Price Targets

Several research firms have commented on PLUG. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. BMO Capital Markets cut their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. B. Riley decreased their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. UBS Group dropped their target price on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Friday, March 21st. Finally, Piper Sandler lowered their price target on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.31.

Plug Power Price Performance

The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -0.63 and a beta of 1.98. The company has a 50-day moving average price of $1.74 and a 200-day moving average price of $2.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in PLUG. PNC Financial Services Group Inc. grew its position in shares of Plug Power by 53.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after purchasing an additional 5,348 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after buying an additional 5,485 shares in the last quarter. Compagnie Lombard Odier SCmA boosted its holdings in shares of Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock valued at $104,000 after buying an additional 5,550 shares during the period. Millburn Ridgefield Corp increased its position in shares of Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares in the last quarter. Finally, 49 Wealth Management LLC raised its holdings in shares of Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after acquiring an additional 5,834 shares during the period. 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.