Plug Power (NASDAQ:PLUG) Trading Down 1.2% - Here's Why

Plug Power Inc. (NASDAQ:PLUG - Get Free Report)'s share price was down 1.2% during mid-day trading on Tuesday . The company traded as low as $0.78 and last traded at $0.79. Approximately 25,770,543 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 54,703,608 shares. The stock had previously closed at $0.79.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of Plug Power from $1.40 to $1.10 and set an "underweight" 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 research report on Monday, January 27th. Truist Financial decreased their target price on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. UBS Group dropped their price target on Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research report on Friday, March 21st. Finally, Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.00 to $1.25 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $2.29.

Plug Power Trading Down 0.8 %

The stock's 50-day moving average price is $1.23 and its 200 day moving average price is $1.83. 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 has a market capitalization of $862.62 million, a PE ratio of -0.39 and a beta of 2.19.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after buying an additional 4,491,114 shares during the last quarter. Norges Bank acquired a new position in shares of Plug Power in the 4th quarter valued at $146,465,000. Geode Capital Management LLC grew its holdings in Plug Power by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock valued at $42,434,000 after purchasing an additional 722,639 shares during the period. Legal & General Group Plc increased its stake in shares of Plug Power by 8.5% during the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock worth $21,602,000 after purchasing an additional 796,774 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker's stock worth $16,843,000 after buying an additional 790,650 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.