Plug Power (NASDAQ:PLUG) Reaches New 52-Week Low – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s stock price reached a new 52-week low 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

A number of equities analysts recently weighed in on PLUG shares. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Plug Power in a research note on Monday. BMO Capital Markets dropped their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. UBS Group reduced their price target on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company 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 analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.31.

Plug Power Stock Performance

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 stock’s 50-day moving average price is $1.76 and its 200-day moving average price is $2.06. The company has a market cap of $1.24 billion, a P/E ratio of -0.63 and a beta of 1.98.

Institutional Trading of Plug Power

Institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $146,465,000. Point72 Asset Management L.P. bought a new position in Plug Power during the 4th quarter worth $10,370,000. Vanguard Group Inc. raised its holdings in 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Plug Power during the 4th quarter valued at $6,235,000. Institutional investors 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.