Plug Power (NASDAQ:PLUG) Given New $1.60 Price Target at Morgan Stanley

Plug Power (NASDAQ:PLUG) had its price objective decreased by Morgan Stanley from $1.75 to $1.60 in a research report released on Thursday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the electronics maker’s stock.

Several other equities research analysts have also issued reports on PLUG. BMO Capital Markets lowered their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday. Evercore ISI lowered their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Susquehanna lowered their price objective on Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a research note on Wednesday. Canaccord Genuity Group decreased their price target on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a research note on Wednesday. Finally, Craig Hallum decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus price target of $2.34.

Plug Power Price Performance

NASDAQ:PLUG opened at $1.65 on Thursday. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -0.77 and a beta of 1.79. Plug Power has a 1 year low of $1.37 and a 1 year high of $4.90. The business has a 50 day simple moving average of $2.08 and a 200-day simple moving average of $2.10. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nations Financial Group Inc. IA ADV increased its stake in shares of Plug Power by 42.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 4,700 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Plug Power by 53.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after purchasing an additional 5,348 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares in the last quarter. Compagnie Lombard Odier SCmA increased its stake in Plug Power by 12.8% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after buying an additional 5,550 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.