Plug Power (NASDAQ:PLUG) Shares Up 1.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price traded up 1.5% during trading on Friday . The company traded as high as $1.69 and last traded at $1.68. 16,699,878 shares traded hands during trading, a decline of 75% from the average session volume of 67,272,703 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler dropped their price objective on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research note on Wednesday, March 5th. Truist Financial cut their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley lowered their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research note on Thursday, March 6th. StockNews.com raised shares of Plug Power to a “sell” rating in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group dropped their price target on shares of Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Plug Power has an average rating of “Hold” and an average target price of $2.34.

Plug Power Stock Up 0.3 %

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 company has a market cap of $1.53 billion, a price-to-earnings ratio of -0.77 and a beta of 1.98. The firm’s 50 day simple moving average is $2.02 and its 200-day simple moving average is $2.09.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently made changes to their positions in the business. Pinnacle Wealth Planning Services Inc. purchased a new stake in Plug Power during the 4th quarter valued at approximately $60,000. Toronto Dominion Bank purchased a new stake in shares of Plug Power during the fourth quarter worth approximately $270,000. Retirement Planning Group LLC NY acquired a new stake in shares of Plug Power during the fourth quarter worth $38,000. GTS Securities LLC grew its position in Plug Power by 150.0% in the 4th quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker’s stock valued at $40,000 after buying an additional 56,255 shares during the last quarter. Finally, 49 Wealth Management LLC increased its stake in Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock valued at $62,000 after buying an additional 5,834 shares during the period. Institutional investors and hedge funds 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.