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

Plug Power Inc. (NASDAQ:PLUG) shares fell 3.7% during mid-day trading on Thursday . The stock traded as low as $1.68 and last traded at $1.71. 25,056,813 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 67,982,063 shares. The stock had previously closed at $1.77.

Analyst Ratings Changes

Several brokerages recently commented on PLUG. Craig Hallum dropped their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Seaport Res Ptn lowered Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Wells Fargo & Company dropped their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. Finally, BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.12.

Plug Power Price Performance

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 stock has a market cap of $1.51 billion, a PE ratio of -0.78 and a beta of 1.79. The company’s 50 day moving average is $2.20 and its 200-day moving average is $2.13.

Institutional Trading of Plug Power

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Toronto Dominion Bank acquired a new stake in Plug Power during the 4th quarter valued at approximately $270,000. Retirement Planning Group LLC NY acquired a new stake in shares of Plug Power during the fourth quarter worth approximately $38,000. GTS Securities LLC grew its position 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 buying an additional 56,255 shares in the last quarter. 49 Wealth Management LLC increased its stake in shares of Plug Power by 25.0% in the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after buying an additional 5,834 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Plug Power by 19.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,309,399 shares of the electronics maker’s stock valued at $4,919,000 after acquiring an additional 379,723 shares in the last quarter. 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.