Plug Power (NASDAQ:PLUG) Price Target Cut to $1.50 by Analysts at Truist Financial

Plug Power (NASDAQ:PLUG) had its price target reduced by research analysts at Truist Financial from $2.00 to $1.50 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the electronics maker’s stock. Truist Financial’s target price would suggest a potential downside of 8.26% from the stock’s previous close.

Several other research firms have also recently weighed in on PLUG. Susquehanna cut their price objective on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday. Evercore ISI cut their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Canaccord Genuity Group lowered their price objective 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. BMO Capital Markets cut their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research report on Wednesday. Finally, HC Wainwright lowered their target price on Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.85.

Plug Power Trading Up 0.9 %

Plug Power stock traded up $0.02 during mid-day trading on Wednesday, hitting $1.64. 39,118,348 shares of the company’s stock were exchanged, compared to its average volume of 68,051,406. The company’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $2.11. 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 firm has a market capitalization of $1.49 billion, a P/E ratio of -0.76 and a beta of 1.79. Plug Power has a fifty-two week low of $1.37 and a fifty-two week high of $4.90.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. bought a new position in Plug Power during the fourth quarter worth about $25,000. Pacific Sage Partners LLC acquired a new stake in shares of Plug Power in the fourth quarter valued at approximately $25,000. Jones Financial Companies Lllp boosted its stake 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 during the period. Callan Family Office LLC acquired a new position in shares of Plug Power during the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC bought a new stake in Plug Power in the 4th quarter valued at $27,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.