Morgan Stanley Lowers Plug Power (NASDAQ:PLUG) Price Target to $1.60

Plug Power (NASDAQ:PLUG) had its price target decreased by equities researchers at Morgan Stanley from $1.75 to $1.60 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the electronics maker’s stock. Morgan Stanley’s price objective points to a potential downside of 0.31% from the stock’s previous close.

Other analysts have also issued research reports about the company. Piper Sandler cut their price target on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a report on Wednesday. Susquehanna decreased their target price on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research report on Wednesday. BMO Capital Markets dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday. Truist Financial cut their target price on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday. Finally, BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Plug Power presently has an average rating of “Hold” and an average target price of $2.34.

Plug Power Stock Performance

Shares of Plug Power stock traded down $0.09 during trading on Thursday, hitting $1.61. 26,439,154 shares of the company’s stock traded hands, compared to its average volume of 67,695,555. The business has a 50-day simple moving average of $2.09 and a 200-day simple moving average of $2.11. 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 stock has a market capitalization of $1.46 billion, a P/E ratio of -0.75 and a beta of 1.79. Plug Power has a 1 year low of $1.37 and a 1 year high of $4.90.

Hedge Funds Weigh In On Plug Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the period. Norges Bank purchased a new position in shares of Plug Power during the 4th quarter worth $146,465,000. Geode Capital Management LLC lifted its holdings in shares of Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock worth $42,434,000 after acquiring an additional 722,639 shares during the period. Legal & General Group Plc grew its stake in shares of Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock valued at $21,602,000 after buying an additional 796,774 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Plug Power by 11.1% in the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after purchasing an additional 790,650 shares during the period. Hedge funds and other institutional investors own 43.48% of the company’s stock.

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.