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

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) shares were down 5.3% during mid-day trading 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.

Several other equities research analysts also recently weighed in on PLUG. B. Riley reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. BMO Capital Markets dropped their price target on Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. UBS Group lowered their target price on Plug Power from $2.50 to $1.75 and set a "neutral" rating on the stock in a report on Friday, March 21st. Truist Financial reduced their price target on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Finally, Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.29.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of PLUG. Norges Bank acquired a new stake in shares of Plug Power in the fourth quarter worth approximately $146,465,000. Point72 Asset Management L.P. acquired a new stake in Plug Power during the fourth quarter worth $10,370,000. Vanguard Group Inc. increased 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 worth $186,244,000 after purchasing an additional 4,491,114 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker's stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Plug Power in the fourth quarter valued at approximately $6,235,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

Plug Power Stock Performance

The stock has a market capitalization of $832.94 million, a PE ratio of -0.42 and a beta of 2.07. 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 firm's 50 day moving average is $1.47 and its two-hundred day moving average is $1.95.

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.