Plug Power (NASDAQ:PLUG) Stock Price Down 11.9% - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares dropped 11.9% on Monday . The company traded as low as $0.82 and last traded at $0.79. 11,776,957 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 50,753,513 shares. The stock had previously closed at $0.90.

Wall Street Analyst Weigh In

PLUG has been the subject of several research analyst reports. Truist Financial decreased their price objective on Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a report on Wednesday, March 5th. Susquehanna decreased their price target on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating for the company in a research note on Monday, April 14th. BMO Capital Markets dropped their price objective 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. Seaport Res Ptn downgraded Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Finally, Canaccord Genuity Group lowered their price objective on Plug Power from $2.00 to $1.25 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.29.

Plug Power Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The company has a market capitalization of $750.87 million, a PE ratio of -0.38 and a beta of 2.07. The company has a 50 day moving average price of $1.37 and a 200 day moving average price of $1.91.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Pacific Sage Partners LLC bought a new stake in Plug Power during the fourth quarter worth approximately $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power during the 4th quarter valued at $25,000. Jones Financial Companies Lllp raised its stake in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after buying an additional 6,074 shares in the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Plug Power in the first quarter valued at $26,000. Finally, Callan Family Office LLC bought a new position in Plug Power during the fourth quarter valued at about $27,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.