UBS Group Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target trimmed by UBS Group from $2.50 to $1.75 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the electronics maker’s stock.

Several other research analysts have also issued reports on the stock. Piper Sandler cut their target price on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research note on Wednesday, March 5th. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley cut their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. BMO Capital Markets cut their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Plug Power to a “sell” rating in a report on Tuesday, March 4th. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.31.

Plug Power Trading Down 3.8 %

NASDAQ:PLUG opened at $1.53 on Friday. The firm has a market cap of $1.42 billion, a P/E ratio of -0.71 and a beta of 1.98. Plug Power has a 52 week low of $1.37 and a 52 week high of $4.90. The firm’s fifty day moving average is $1.86 and its 200-day moving average is $2.07. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in PLUG. Norges Bank purchased a new stake in shares of Plug Power in the fourth quarter valued at about $146,465,000. Point72 Asset Management L.P. purchased a new stake in shares of Plug Power in the fourth quarter valued at about $10,370,000. Vanguard Group Inc. raised its holdings in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 valued at $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Plug Power during the fourth quarter worth about $6,235,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.