Plug Power (NASDAQ:PLUG) Hits New 52-Week Low at $11.47

Plug Power Inc. (NASDAQ:PLUG – Get Rating) hit a new 52-week low during trading on Wednesday . The company traded as low as $11.47 and last traded at $11.59, with a volume of 4452835 shares trading hands. The stock had previously closed at $12.16.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler cut their target price on shares of Plug Power from $20.00 to $17.00 in a report on Thursday, March 2nd. Wells Fargo & Company reduced their price objective on Plug Power from $18.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, January 6th. UBS Group initiated coverage on Plug Power in a research note on Tuesday, December 13th. They set a “buy” rating and a $26.00 price objective for the company. Citigroup lowered their price target on Plug Power from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Sunday, March 5th. Finally, Cowen lowered their price target on Plug Power from $30.00 to $23.00 in a report on Thursday, January 26th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.86.

Plug Power Stock Performance

The stock has a market capitalization of $7.00 billion, a PE ratio of -9.44 and a beta of 1.81. The company has a quick ratio of 4.19, a current ratio of 5.20 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average price of $15.18 and a 200-day moving average price of $17.36.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Plug Power in the fourth quarter worth approximately $211,176,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Plug Power by 69.1% in the fourth quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,213,803 shares of the electronics maker’s stock valued at $212,935,000 after purchasing an additional 7,035,344 shares during the period. Schroder Investment Management Group raised its position in Plug Power by 244.3% in the fourth quarter. Schroder Investment Management Group now owns 4,922,841 shares of the electronics maker’s stock valued at $60,896,000 after purchasing an additional 3,493,122 shares during the period. Two Sigma Investments LP grew its stake in shares of Plug Power by 310.7% in the third quarter. Two Sigma Investments LP now owns 3,456,638 shares of the electronics maker’s stock valued at $72,624,000 after buying an additional 2,615,081 shares in the last quarter. Finally, Robeco Schweiz AG grew its stake in shares of Plug Power by 73.9% in the fourth quarter. Robeco Schweiz AG now owns 4,329,600 shares of the electronics maker’s stock valued at $53,557,000 after buying an additional 1,839,600 shares in the last quarter. 52.07% of the stock is owned by institutional investors and hedge funds.

About Plug Power

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.