Plug Power (NASDAQ:PLUG) Stock Price Down 5.3% Following Analyst Downgrade

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 5.3% on Monday after Susquehanna lowered their price target on the stock from $1.80 to $1.25. Susquehanna currently has a neutral rating on the stock. Plug Power traded as low as $1.06 and last traded at $1.07. Approximately 15,502,564 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 49,374,611 shares. The stock had previously closed at $1.13.

A number of other brokerages also recently weighed in on PLUG. UBS Group lowered their target price on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a report on Friday, March 21st. Truist Financial lowered their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. B. Riley decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Canaccord Genuity Group dropped their price objective on Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Plug Power in a research report on Monday, March 24th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.29.

Institutional Trading of Plug Power

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacific Sage Partners LLC purchased a new stake in shares of Plug Power in the 4th quarter worth approximately $25,000. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power during the 4th quarter valued at about $25,000. Jones Financial Companies Lllp increased its position 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 valued at $25,000 after purchasing an additional 6,074 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Plug Power in the 1st quarter worth approximately $26,000. Finally, Callan Family Office LLC purchased a new position in shares of Plug Power in the fourth quarter worth approximately $27,000. Institutional investors own 43.48% of the company’s stock.

Plug Power Price Performance

The company has a market capitalization of $980.69 million, a P/E ratio of -0.50 and a beta of 2.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm’s 50-day moving average is $1.55 and its 200-day moving average is $1.99.

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.