Plug Power (NASDAQ:PLUG) Stock Price Down 0.9% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price dropped 0.9% during trading on Friday . The stock traded as low as $1.71 and last traded at $1.75. Approximately 15,516,986 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 69,951,430 shares. The stock had previously closed at $1.76.

Wall Street Analysts Forecast Growth

PLUG has been the subject of several research reports. Piper Sandler dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Evercore ISI dropped their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Susquehanna raised their price target on shares of Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Finally, Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Five analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Plug Power presently has an average rating of “Hold” and an average target price of $4.12.

Plug Power Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company’s 50-day moving average price is $2.28 and its two-hundred day moving average price is $2.15.

Institutional Investors Weigh In On Plug Power

A number of large investors have recently bought and sold shares of PLUG. Norges Bank acquired a new stake in Plug Power in the fourth quarter worth $146,465,000. Vanguard Group Inc. grew its holdings in Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after purchasing an additional 4,491,114 shares during the period. Geode Capital Management LLC grew its holdings in Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the period. Renaissance Technologies LLC acquired a new stake in Plug Power in the fourth quarter worth $6,235,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after purchasing an additional 1,354,500 shares during the period. 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.