Plug Power (NASDAQ:PLUG) Price Target Cut to $1.10 by Analysts at Piper Sandler

Plug Power (NASDAQ:PLUG) had its target price decreased by research analysts at Piper Sandler from $1.40 to $1.10 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the electronics maker’s stock. Piper Sandler’s price target would indicate a potential downside of 29.71% from the company’s current price.

A number of other research analysts have also recently commented on the company. Susquehanna dropped their price target on Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a research note on Wednesday. Evercore ISI dropped their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Canaccord Genuity Group reduced their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Craig Hallum dropped their price objective 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. Finally, BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus price target of $2.87.

Plug Power Price Performance

Shares of Plug Power stock traded down $0.06 during trading hours on Wednesday, hitting $1.57. The company’s stock had a trading volume of 22,617,887 shares, compared to its average volume of 67,607,078. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. Plug Power has a 12-month low of $1.37 and a 12-month high of $4.90. The business has a 50 day moving average price of $2.09 and a two-hundred day moving average price of $2.11. The company has a market cap of $1.43 billion, a PE ratio of -0.74 and a beta of 1.79.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after buying an additional 4,491,114 shares in the last quarter. Norges Bank purchased a new stake in Plug Power in the fourth quarter worth about $146,465,000. Geode Capital Management LLC grew its holdings in Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock worth $42,434,000 after acquiring an additional 722,639 shares in the last quarter. Legal & General Group Plc increased its position 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 valued at $21,602,000 after purchasing an additional 796,774 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Plug Power by 11.1% in the 4th 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 in the last quarter. 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.