Plug Power (NASDAQ:PLUG) Price Target Cut to $1.10 by Analysts at Piper Sandler

Plug Power (NASDAQ:PLUG) had its target price decreased by Piper Sandler from $1.40 to $1.10 in a report published on Wednesday,Benzinga reports. Piper Sandler currently has an underweight rating on the electronics maker’s stock.

Several other equities analysts have also weighed in on PLUG. Susquehanna reduced their price objective on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research note on Wednesday. StockNews.com raised Plug Power to a “sell” rating in a research note on Tuesday. BMO Capital Markets reduced 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. Craig Hallum dropped their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, HC Wainwright dropped their target price on Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday. 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. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $2.40.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.69 on Wednesday. The firm has a market capitalization of $1.54 billion, a P/E ratio of -0.79 and a beta of 1.79. Plug Power has a 1-year low of $1.37 and a 1-year high of $4.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business’s 50-day simple moving average is $2.09 and its 200-day simple moving average is $2.11.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after acquiring an additional 4,491,114 shares during the last quarter. Norges Bank bought a new stake in shares of Plug Power in the 4th quarter valued at approximately $146,465,000. Geode Capital Management LLC increased its holdings in shares of Plug Power by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after acquiring an additional 722,639 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Plug Power by 8.5% in the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock valued at $21,602,000 after acquiring an additional 796,774 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Plug Power by 11.1% in the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after acquiring an additional 790,650 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors.

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.