Plug Power (NASDAQ:PLUG) Shares Down 3.7% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) shares were down 3.7% on Friday . The company traded as low as $1.68 and last traded at $1.69. Approximately 27,854,584 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 67,468,906 shares. The stock had previously closed at $1.75.

Analysts Set New Price Targets

PLUG has been the topic of several recent analyst reports. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. StockNews.com raised Plug Power to a “sell” rating in a research note on Monday, February 10th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company dropped their target price 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, Canaccord Genuity Group reduced their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $4.12.

Plug Power Stock Down 5.4 %

The business has a 50 day simple moving average of $2.22 and a 200-day simple moving average of $2.13. 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 $1.51 billion, a price-to-earnings ratio of -0.77 and a beta of 1.79.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of PLUG. Nations Financial Group Inc. IA ADV raised its position in shares of Plug Power by 42.3% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after buying an additional 4,700 shares during the period. Arkadios Wealth Advisors increased its stake in Plug Power by 18.2% during the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock worth $75,000 after acquiring an additional 5,075 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Plug Power by 53.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after purchasing an additional 5,348 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA grew its holdings in shares of Plug Power by 12.8% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 5,550 shares during the period. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.