Plug Power (NASDAQ:PLUG) Stock Price Down 0.1% - Here's What Happened

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Plug Power from $1.75 to $1.60 and set an "underweight" rating for the company in a research note on Thursday, March 6th. Canaccord Genuity Group dropped their price target on Plug Power from $2.00 to $1.25 and set a "hold" rating for the company in a research note on Wednesday, March 5th. Seaport Res Ptn downgraded Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. UBS Group decreased 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. Finally, B. Riley reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $2.10.

Plug Power Stock Up 1.2 %

The firm has a fifty day simple moving average of $1.22 and a 200-day simple moving average of $1.82. The company has a market capitalization of $880.22 million, a PE ratio of -0.40 and a beta of 2.19. 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 Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Mariner LLC lifted its position in shares of Plug Power by 29.7% during the fourth quarter. Mariner LLC now owns 177,839 shares of the electronics maker's stock worth $379,000 after purchasing an additional 40,710 shares during the last quarter. Norges Bank bought a new position in Plug Power during the 4th quarter worth approximately $146,465,000. Wells Fargo & Company MN grew its position in shares of Plug Power by 2.7% in the 4th quarter. Wells Fargo & Company MN now owns 2,685,413 shares of the electronics maker's stock worth $5,720,000 after acquiring an additional 70,187 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Plug Power in the 4th quarter valued at approximately $320,000. Finally, Vanguard Group Inc. raised its position in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after acquiring an additional 4,491,114 shares in the last quarter. 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.