Plug Power (NASDAQ:PLUG) Trading 1.5% Higher - Here's What Happened

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) rose 1.5% on Friday . The stock traded as high as $1.69 and last traded at $1.68. Approximately 16,699,878 shares changed hands during trading, a decline of 75% from the average daily volume of 67,272,703 shares. The stock had previously closed at $1.65.

Analyst Ratings Changes

PLUG has been the topic of several analyst reports. StockNews.com raised Plug Power to a "sell" rating in a research note on Tuesday, March 4th. 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 research note on Wednesday, March 5th. Truist Financial reduced their price objective on Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. HC Wainwright cut their target price on Plug Power from $5.00 to $3.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Finally, BMO Capital Markets cut their target price 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 assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $2.34.

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Plug Power Stock Performance

The business has a fifty day simple moving average of $1.96 and a two-hundred day simple moving average of $2.08. 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 company has a market cap of $1.52 billion, a PE ratio of -0.77 and a beta of 1.98.

Institutional Trading of Plug Power

A number of hedge funds have recently bought and sold shares of PLUG. Norges Bank purchased a new stake in Plug Power during the fourth quarter worth $146,465,000. Point72 Asset Management L.P. purchased a new stake in shares of Plug Power during the 4th quarter valued at $10,370,000. Vanguard Group Inc. lifted its holdings in shares of Plug Power by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker's stock valued at $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Plug Power during the 4th quarter valued at $6,235,000. Hedge funds and other institutional investors own 43.48% of the company's stock.

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.