Plug Power (NASDAQ:PLUG) Stock Price Down 5.3% After Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG) shares traded down 5.3% during mid-day trading on Monday after Susquehanna lowered their price target on the stock from $1.80 to $1.25. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $1.06 and last traded at $1.07. 15,502,564 shares traded hands during trading, a decline of 69% from the average session volume of 49,374,611 shares. The stock had previously closed at $1.13.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley reduced their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a report on Thursday, March 6th. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Truist Financial dropped their target price on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. UBS Group decreased 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, Canaccord Genuity Group dropped their price objective on shares of Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.29.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PLUG. Miracle Mile Advisors LLC acquired a new position in Plug Power in the 1st quarter valued at about $26,000. AFG Fiduciary Services Limited Partnership acquired a new stake in Plug Power during the first quarter worth $53,000. ACT Wealth Management LLC grew its holdings in shares of Plug Power by 58.3% during the 1st quarter. ACT Wealth Management LLC now owns 38,000 shares of the electronics maker’s stock worth $51,000 after purchasing an additional 14,000 shares during the period. 111 Capital acquired a new stake in shares of Plug Power during the 4th quarter worth about $89,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Plug Power by 35.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 64,440 shares of the electronics maker’s stock valued at $137,000 after buying an additional 16,878 shares during the period. Institutional investors and hedge funds own 43.48% of the company’s stock.

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 company has a market cap of $980.69 million, a price-to-earnings ratio of -0.50 and a beta of 2.07. The stock’s 50-day simple moving average is $1.53 and its 200 day simple moving average is $1.98.

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.