Piper Sandler Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG - Get Free Report) had its target price lowered by equities research analysts at Piper Sandler from $1.40 to $1.10 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "underweight" rating on the electronics maker's stock. Piper Sandler's price target would indicate a potential downside of 38.20% from the company's previous close.

Several other brokerages have also commented on PLUG. Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a "hold" rating for the company in a report on Wednesday, November 13th. Seaport Res Ptn lowered Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Evercore ISI cut their target price on Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 13th. Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Thursday, November 14th. Finally, StockNews.com raised Plug Power to a "sell" rating in a research report on Tuesday. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $2.34.

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Plug Power Stock Up 7.9 %

Shares of PLUG traded up $0.13 during midday trading on Wednesday, hitting $1.78. 73,303,360 shares of the company's stock traded hands, compared to its average volume of 68,526,250. Plug Power has a 1 year low of $1.37 and a 1 year high of $4.90. The firm's fifty day moving average is $2.05 and its 200-day moving average is $2.10. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -0.83 and a beta of 1.98.

Institutional Investors Weigh In On Plug Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacific Sage Partners LLC acquired a new stake in Plug Power during the 4th quarter worth about $25,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Plug Power during the 4th quarter worth about $25,000. Jones Financial Companies Lllp boosted its stake 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 worth $25,000 after acquiring an additional 6,074 shares in the last quarter. Callan Family Office LLC purchased a new stake in shares of Plug Power during the 4th quarter worth about $27,000. Finally, Ground Swell Capital LLC purchased a new stake in shares of Plug Power during the 4th quarter worth about $27,000. 43.48% of the stock is owned by institutional investors and hedge funds.

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.