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

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 3.7% during mid-day trading 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

Several equities analysts have recently commented on the stock. Susquehanna upped their price objective on shares of Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Craig Hallum dropped their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Evercore ISI cut their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $4.12.

Plug Power Stock Down 5.4 %

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 company has a market cap of $1.51 billion, a PE ratio of -0.77 and a beta of 1.79. The business’s 50 day moving average is $2.22 and its 200-day moving average is $2.13.

Institutional Investors Weigh In On Plug Power

Institutional investors have recently modified their holdings of the company. Pacific Sage Partners LLC purchased a new position in Plug Power in the fourth quarter valued at $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power during the 4th quarter worth about $25,000. Jones Financial Companies Lllp raised its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Callan Family Office LLC purchased a new stake in Plug Power during the fourth quarter worth approximately $27,000. Finally, Ground Swell Capital LLC acquired a new position in Plug Power in the fourth quarter valued at approximately $27,000. 43.48% of the stock is owned by hedge funds and other institutional investors.

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.