Plug Power (NASDAQ:PLUG) Trading Down 5.3% After Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) was down 5.3% during trading on Monday after Susquehanna lowered their price target on the stock from $1.80 to $1.25. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $1.06 and last traded at $1.07. Approximately 15,502,564 shares traded hands during trading, a decline of 69% from the average daily volume of 49,374,611 shares. The stock had previously closed at $1.13.

Other analysts also recently issued reports about the stock. B. Riley reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Piper Sandler reduced their price objective on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research note on Wednesday, March 5th. Truist Financial lowered their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. StockNews.com raised Plug Power to a “sell” rating in a research report on Tuesday, March 4th. Finally, Morgan Stanley lowered their price target on Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.29.

Institutional Trading of Plug Power

Hedge funds have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power in the 4th quarter valued at about $25,000. Pacific Sage Partners LLC bought a new position in Plug Power in the fourth quarter worth approximately $25,000. Jones Financial Companies Lllp raised its stake in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after buying an additional 6,074 shares in the last quarter. Callan Family Office LLC bought a new stake in Plug Power during the 4th quarter valued at $27,000. Finally, Ground Swell Capital LLC bought a new stake in Plug Power during the 4th quarter valued at $27,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The firm has a market capitalization of $980.69 million, a PE ratio of -0.50 and a beta of 2.07. The stock has a fifty day moving average price of $1.53 and a 200-day moving average price of $1.98.

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.