Plug Power (NASDAQ:PLUG) Stock Price Up 3.9% - What's Next?

Plug Power Inc. (NASDAQ:PLUG - Get Free Report) traded up 3.9% on Thursday . The stock traded as high as $1.64 and last traded at $1.64. 14,653,940 shares traded hands during trading, a decline of 69% from the average session volume of 47,357,710 shares. The stock had previously closed at $1.58.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley lowered their price target on Plug Power from $1.75 to $1.60 and set an "underweight" rating for the company in a research report on Thursday, March 6th. Truist Financial reduced their target price on shares of Plug Power from $2.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Piper Sandler dropped their price target on shares of Plug Power from $1.40 to $1.10 and set an "underweight" rating for the company in a research note on Wednesday, March 5th. HC Wainwright reduced their price objective on shares of Plug Power from $5.00 to $3.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Seaport Res Ptn downgraded shares of Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $2.31.

Plug Power Trading Up 2.6 %

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 $1.45 billion, a P/E ratio of -0.73 and a beta of 1.98. The company has a 50-day moving average price of $1.86 and a 200 day moving average price of $2.07.

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Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker's stock worth $186,244,000 after purchasing an additional 4,491,114 shares during the last quarter. Norges Bank acquired a new stake in shares of Plug Power in the 4th quarter worth $146,465,000. Geode Capital Management LLC grew its stake in Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker's stock worth $42,434,000 after buying an additional 722,639 shares during the last quarter. Legal & General Group Plc increased its position in Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker's stock valued at $21,602,000 after buying an additional 796,774 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Plug Power by 11.1% in the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker's stock valued at $16,843,000 after buying an additional 790,650 shares during the last quarter. 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.