Plug Power (NASDAQ:PLUG) Reaches New 1-Year Low – Here’s Why

Shares of Plug Power Inc. (NASDAQ:PLUG) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $1.35 and last traded at $1.36, with a volume of 29507183 shares changing hands. The stock had previously closed at $1.44.

Analyst Ratings Changes

A number of equities analysts have recently commented on PLUG shares. Susquehanna cut their price objective on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. UBS Group decreased their price objective on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research note on Friday, March 21st. Morgan Stanley cut their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. Canaccord Genuity Group lowered their price target on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, BMO Capital Markets reduced their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.31.

Plug Power Stock Down 6.9 %

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 stock has a market capitalization of $1.24 billion, a P/E ratio of -0.63 and a beta of 1.98. The stock’s fifty day moving average is $1.74 and its two-hundred day moving average is $2.06.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its holdings in shares of Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after acquiring an additional 5,348 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Plug Power by 0.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after buying an additional 5,485 shares during the period. Compagnie Lombard Odier SCmA boosted its position 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 acquiring an additional 5,550 shares during the period. Millburn Ridgefield Corp grew its stake in Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp 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. Finally, 49 Wealth Management LLC lifted its position 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 worth $62,000 after buying an additional 5,834 shares in the last quarter. Hedge funds and other 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.