Canaccord Genuity Group Has Lowered Expectations for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target decreased by Canaccord Genuity Group from $2.00 to $1.25 in a research report released on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the electronics maker’s stock.

Several other equities analysts also recently commented on PLUG. BMO Capital Markets cut their target price on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research report on Wednesday. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Evercore ISI cut their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Finally, B. Riley cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.40.

Plug Power Price Performance

Shares of PLUG stock opened at $1.69 on Wednesday. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.54 billion, a P/E ratio of -0.79 and a beta of 1.79. Plug Power has a 12 month low of $1.37 and a 12 month high of $4.90. The stock has a 50 day moving average of $2.09 and a two-hundred day moving average of $2.11.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Plug Power in the 4th quarter valued at $60,000. Toronto Dominion Bank acquired a new stake in shares of Plug Power in the 4th quarter valued at $270,000. Retirement Planning Group LLC NY acquired a new stake in shares of Plug Power during the fourth quarter worth $38,000. GTS Securities LLC grew its stake in shares of Plug Power by 150.0% during the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker’s stock worth $40,000 after purchasing an additional 56,255 shares during the period. Finally, 49 Wealth Management LLC grew its stake in shares of Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after purchasing an additional 5,834 shares during the period. 43.48% of the stock is 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.