Plug Power (NASDAQ:PLUG) Trading Down 3.7% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG)’s share price fell 3.7% on Friday . The stock traded as low as $1.68 and last traded at $1.69. 27,854,584 shares were traded during trading, a decline of 59% from the average session volume of 67,468,906 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PLUG. Piper Sandler reduced 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 note on Thursday, November 14th. Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Canaccord Genuity Group cut their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Finally, Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Five investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.12.

Plug Power Stock Down 5.1 %

The firm’s 50-day simple moving average is $2.20 and its 200 day simple moving average is $2.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a market capitalization of $1.51 billion, a P/E ratio of -0.78 and a beta of 1.79.

Institutional Trading of Plug Power

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Plug Power during the 4th quarter worth approximately $146,465,000. Point72 Asset Management L.P. acquired a new position in shares of Plug Power in the fourth quarter valued at approximately $10,370,000. Vanguard Group Inc. increased its stake in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after purchasing an additional 4,491,114 shares during the period. Geode Capital Management LLC lifted its holdings in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Plug Power in the 4th quarter valued at $6,235,000. 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.