Plug Power (NASDAQ:PLUG) Shares Up 0.9% – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) rose 0.9% during mid-day trading on Wednesday . The company traded as high as $1.77 and last traded at $1.69. Approximately 22,471,563 shares changed hands during trading, a decline of 67% from the average daily volume of 67,490,922 shares. The stock had previously closed at $1.67.

Analysts Set New Price Targets

PLUG has been the topic of a number of research reports. Evercore ISI cut their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Piper Sandler cut their target price 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. B. Riley decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Finally, Craig Hallum reduced their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Six 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.34.

Plug Power Price Performance

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $2.03 and a 200 day moving average of $2.09. The firm has a market cap of $1.55 billion, a P/E ratio of -0.78 and a beta of 1.98.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its position in Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd acquired a new stake in shares of Plug Power during the 3rd quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Plug Power by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock worth $5,472,000 after buying an additional 476,060 shares during the period. Stifel Financial Corp grew its stake in Plug Power by 23.4% in the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after buying an additional 265,514 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after buying an additional 265,042 shares during the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.