Plug Power (NASDAQ:PLUG) Stock Price Up 0.9% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) was up 0.9% during mid-day trading on Wednesday . The company traded as high as $1.77 and last traded at $1.69. Approximately 22,471,563 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 67,490,922 shares. The stock had previously closed at $1.67.

Analyst Ratings Changes

A number of analysts have recently issued reports on PLUG shares. Truist Financial lowered their price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. HC Wainwright lowered their price objective on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Susquehanna lowered their price objective on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. B. Riley lowered their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Morgan Stanley lowered their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a report on Thursday, March 6th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.34.

Plug Power Stock Performance

The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -0.78 and a beta of 1.98. The company’s fifty day simple moving average is $2.02 and its 200 day simple moving average is $2.09. 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

Institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank boosted its position in shares of Plug Power by 36.6% in the third quarter. Amalgamated Bank now owns 25,444 shares of the electronics maker’s stock valued at $58,000 after acquiring an additional 6,822 shares during the period. Sigma Planning Corp boosted its position in shares of Plug Power by 26.4% in the third quarter. Sigma Planning Corp now owns 42,367 shares of the electronics maker’s stock valued at $96,000 after acquiring an additional 8,837 shares during the period. Nations Financial Group Inc. IA ADV boosted its position in shares of Plug Power by 42.3% in the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 4,700 shares during the period. Victory Capital Management Inc. boosted its position in shares of Plug Power by 17.3% in the third quarter. Victory Capital Management Inc. now owns 103,382 shares of the electronics maker’s stock valued at $234,000 after acquiring an additional 15,280 shares during the period. Finally, KBC Group NV boosted its position in shares of Plug Power by 1.4% in the third quarter. KBC Group NV now owns 504,808 shares of the electronics maker’s stock valued at $1,141,000 after acquiring an additional 7,040 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

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.