Plug Power (NASDAQ:PLUG) Stock Price Up 8.8% – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) traded up 8.8% during mid-day trading on Friday . The company traded as high as $1.81 and last traded at $1.80. 60,934,874 shares were traded during mid-day trading, a decline of 11% from the average session volume of 68,103,344 shares. The stock had previously closed at $1.65.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Susquehanna reduced their target price on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a research note on Wednesday. Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.34.

Plug Power Stock Performance

The firm has a fifty day moving average price of $2.08 and a 200 day moving average price of $2.10. The firm has a market capitalization of $1.63 billion, a PE ratio of -0.83 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Plug Power by 25.6% in the 3rd 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 position in shares of Plug Power in the 3rd quarter valued at about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Plug Power by 24.5% in the third 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 purchasing an additional 476,060 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after purchasing an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC grew its position in Plug Power by 166.4% during the third quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after purchasing an additional 265,042 shares in the last quarter. 43.48% of the stock is currently 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.