Plug Power (NASDAQ:PLUG) Price Target Lowered to $1.50 at Truist Financial

Plug Power (NASDAQ:PLUG) had its price target cut by Truist Financial from $2.00 to $1.50 in a research note released on Wednesday morning,Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

A number of other brokerages have also recently weighed in on PLUG. Piper Sandler reduced their price target on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research report on Wednesday. Seaport Res Ptn cut Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. HC Wainwright dropped their price objective on Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday. Craig Hallum dropped their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group dropped their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.40.

Plug Power Price Performance

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

Institutional Investors Weigh In On Plug Power

Large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. XTX Topco Ltd bought a new stake in shares of Plug Power in the 3rd quarter valued at approximately $2,174,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Plug Power by 24.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares during the period. Stifel Financial Corp grew its stake in shares of Plug Power by 23.4% in the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after purchasing an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC grew its stake in shares of Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock valued at $959,000 after purchasing an additional 265,042 shares during the period. 43.48% of the stock is currently owned by 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.