Plug Power (NASDAQ:PLUG) Price Target Lowered to $1.25 at Canaccord Genuity Group

Plug Power (NASDAQ:PLUG - Free Report) had its price objective cut by Canaccord Genuity Group from $2.00 to $1.25 in a report issued on Wednesday,Benzinga reports. They currently have a hold rating on the electronics maker's stock.

Other research analysts have also recently issued research reports about the stock. Seaport Res Ptn cut shares of Plug Power from a "hold" rating to a "strong sell" rating in a report on Monday, January 27th. Wells Fargo & Company lowered their price objective on shares of Plug Power from $3.00 to $2.00 and set an "equal weight" rating for the company in a research report on Thursday, November 14th. Craig Hallum lowered their price objective on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. BTIG Research downgraded shares of Plug Power from a "buy" rating to a "neutral" rating in a report on Thursday, November 14th. Finally, Piper Sandler lowered their price target on shares of Plug Power from $1.40 to $1.10 and set an "underweight" rating for the company in a report on Wednesday. Six 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. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2.34.

Plug Power Price Performance

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

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Institutional Trading of Plug Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Pacific Sage Partners LLC acquired a new stake in shares of Plug Power during the fourth quarter worth $25,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power during the 4th quarter worth approximately $25,000. Jones Financial Companies Lllp grew 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 worth $25,000 after buying an additional 6,074 shares during the period. Callan Family Office LLC acquired a new stake in shares of Plug Power during the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC acquired a new stake in Plug Power in 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.