Plug Power (NASDAQ:PLUG) Stock Price Up 0.3% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares rose 0.3% on Thursday . The company traded as high as $1.70 and last traded at $1.69. Approximately 12,667,552 shares traded hands during trading, a decline of 81% from the average daily volume of 67,212,477 shares. The stock had previously closed at $1.68.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Piper Sandler cut their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Finally, HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $4.12.

Plug Power Stock Performance

The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -0.75 and a beta of 1.79. The stock’s fifty day moving average is $2.13 and its two-hundred day moving average is $2.11. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Plug Power in the fourth quarter valued at $60,000. Toronto Dominion Bank acquired a new position in shares of Plug Power in the fourth quarter valued at $270,000. Retirement Planning Group LLC NY acquired a new position in shares of Plug Power in the fourth quarter valued at $38,000. GTS Securities LLC boosted its position in shares of Plug Power by 150.0% in the fourth quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker’s stock valued at $40,000 after acquiring an additional 56,255 shares during the period. Finally, 49 Wealth Management LLC boosted its position in shares of Plug Power by 25.0% in the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock valued at $62,000 after acquiring an additional 5,834 shares during the period. 43.48% of the stock is currently 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.