Plug Power (NASDAQ:PLUG) Stock Price Down 11.9% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) fell 11.9% during trading on Monday . The company traded as low as $0.82 and last traded at $0.79. 11,776,957 shares changed hands during trading, a decline of 77% from the average session volume of 50,753,513 shares. The stock had previously closed at $0.90.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PLUG shares. B. Riley dropped their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Susquehanna dropped their price objective on shares of Plug Power from $1.80 to $1.25 and set a “neutral” rating on the stock in a research note on Monday, April 14th. BMO Capital Markets decreased their target price on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. StockNews.com raised shares of Plug Power to a “sell” rating in a research note on Tuesday, March 4th. Finally, Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.29.

Plug Power Stock Performance

The firm’s fifty day moving average price is $1.47 and its 200-day moving average price is $1.95. The company has a market cap of $726.26 million, a P/E ratio of -0.37 and a beta of 2.07. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in the company. Pacific Sage Partners LLC bought a new stake in shares of Plug Power during the fourth quarter valued at approximately $25,000. Oppenheimer & Co. Inc. acquired a new position in shares of Plug Power in the 4th quarter valued at $25,000. Jones Financial Companies Lllp boosted its position in shares of Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 6,074 shares in the last quarter. Miracle Mile Advisors LLC bought a new stake in shares of Plug Power in the 1st quarter valued at approximately $26,000. Finally, Callan Family Office LLC acquired a new position in Plug Power during the fourth quarter worth $27,000. 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.