Plug Power (NASDAQ:PLUG) Stock Price Down 0.9% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price dropped 0.9% on Friday . The company traded as low as $1.71 and last traded at $1.75. Approximately 15,516,986 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 69,951,430 shares. The stock had previously closed at $1.76.

Analyst Upgrades and Downgrades

PLUG has been the topic of a number of recent research reports. Wells Fargo & Company dropped 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 note on Thursday, November 14th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. StockNews.com raised shares of Plug Power to a “sell” rating in a research note on Monday, February 10th. Piper Sandler dropped their price target 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. Finally, Evercore ISI dropped their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Plug Power has an average rating of “Hold” and a consensus target price of $4.12.

Plug Power Stock Performance

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’s 50-day simple moving average is $2.28 and its 200 day simple moving average is $2.15.

Institutional Trading of Plug Power

Hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. bought a new stake in Plug Power in the fourth quarter worth about $25,000. Pacific Sage Partners LLC purchased a new position in shares of Plug Power in the fourth quarter worth about $25,000. Jones Financial Companies Lllp increased its stake in shares of Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 6,074 shares in the last quarter. Callan Family Office LLC purchased a new position in shares of Plug Power in the fourth quarter worth about $27,000. Finally, Prio Wealth Limited Partnership purchased a new position in shares of Plug Power in the third quarter worth about $29,000. 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.