Plug Power (NASDAQ:PLUG) Shares Down 2.2% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s stock price was down 2.2% on Tuesday . The company traded as low as $1.54 and last traded at $1.56. Approximately 25,393,595 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 67,915,914 shares. The stock had previously closed at $1.59.

Analysts Set New Price Targets

A number of brokerages have weighed in on PLUG. Piper Sandler decreased their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. 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. Wells Fargo & Company cut their price objective on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Susquehanna raised their price target on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, Evercore ISI reduced their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $4.12.

Plug Power Stock 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 stock has a market cap of $1.44 billion, a P/E ratio of -0.74 and a beta of 1.79. The firm’s 50 day moving average is $2.19 and its 200 day moving average is $2.13.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PLUG. Vanguard Group Inc. raised its position in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after acquiring an additional 4,491,114 shares during the period. Norges Bank acquired a new stake in Plug Power in the 4th quarter valued at approximately $146,465,000. Geode Capital Management LLC grew its position in 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 in the last quarter. Legal & General Group Plc lifted its holdings in Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after buying an additional 796,774 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Plug Power by 11.1% in the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after purchasing an additional 790,650 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

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.