Plug Power (NASDAQ:PLUG) Shares Down 0.1% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s stock price fell 0.1% during trading on Wednesday . The company traded as low as $0.78 and last traded at $0.79. 22,385,668 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 54,977,271 shares. The stock had previously closed at $0.79.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PLUG. Truist Financial cut their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Piper Sandler cut their price target on shares of Plug Power from $1.40 to $1.10 and set an "underweight" rating on the stock in a report on Wednesday, March 5th. BMO Capital Markets decreased their price objective on shares of Plug Power from $1.60 to $1.40 and set an "underperform" rating for the company 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. Finally, StockNews.com upgraded Plug Power to a "sell" rating in a report on Tuesday, March 4th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Plug Power presently has an average rating of "Hold" and an average price target of $2.29.

Plug Power Stock Down 2.0 %

The stock has a market capitalization of $789.69 million, a P/E ratio of -0.36 and a beta of 2.19. 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's 50 day simple moving average is $1.26 and its 200 day simple moving average is $1.85.

Hedge Funds Weigh In On Plug Power

A number of hedge funds have recently bought and sold shares of PLUG. Bearing Point Capital LLC bought a new position in Plug Power during the 1st quarter worth approximately $55,000. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Plug Power by 352.8% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 42,213 shares of the electronics maker's stock worth $57,000 after purchasing an additional 32,891 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Plug Power in the first quarter worth $34,000. Fagan Associates Inc. bought a new stake in Plug Power during the first quarter valued at $45,000. Finally, Private Advisor Group LLC raised its holdings in shares of Plug Power by 29.8% during the first quarter. Private Advisor Group LLC now owns 81,453 shares of the electronics maker's stock worth $110,000 after purchasing an additional 18,719 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.