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

Plug Power (NASDAQ:PLUG - Get Free Report) had its target price cut by Morgan Stanley from $1.75 to $1.60 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the electronics maker's stock. Morgan Stanley's price objective would suggest a potential downside of 10.11% from the company's previous close.

Several other research firms have also issued reports on PLUG. B. Riley lowered their target price on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a report on Wednesday. Canaccord Genuity Group reduced their price objective on Plug Power from $2.00 to $1.25 and set a "hold" rating on the stock in a report on Wednesday. Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an "underweight" rating for the company in a report on Wednesday. Seaport Res Ptn downgraded Plug Power from a "hold" rating to a "strong sell" rating in a research report on Monday, January 27th. Finally, BTIG Research downgraded Plug Power from a "buy" rating to a "neutral" rating in a report on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $2.34.

Plug Power Price Performance

Shares of PLUG stock traded up $0.13 during mid-day trading on Thursday, hitting $1.78. The company had a trading volume of 73,303,360 shares, compared to its average volume of 68,526,250. 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's 50 day moving average price is $2.05 and its 200-day moving average price is $2.10. Plug Power has a 52-week low of $1.37 and a 52-week high of $4.90. The company has a market capitalization of $1.65 billion, a P/E ratio of -0.83 and a beta of 1.98.

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Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PLUG. Pacific Sage Partners LLC purchased a new stake in Plug Power in the 4th quarter worth $25,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power in the fourth quarter valued at about $25,000. Jones Financial Companies Lllp increased its stake in shares of Plug Power by 107.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares in the last quarter. Callan Family Office LLC acquired a new position in shares of Plug Power during the 4th quarter worth about $27,000. Finally, Ground Swell Capital LLC purchased a new position in Plug Power in the 4th quarter valued at about $27,000. 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.