Plug Power (NASDAQ:PLUG) Trading Down 0.9% - What's Next?

Shares of Plug Power Inc. (NASDAQ:PLUG - Get Free Report) were down 0.9% during mid-day trading on Friday . The company traded as low as $1.71 and last traded at $1.75. Approximately 15,516,986 shares traded hands during trading, a decline of 78% from the average daily volume of 69,951,430 shares. The stock had previously closed at $1.76.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PLUG shares. Evercore ISI decreased their price target on shares of Plug Power from $5.00 to $4.00 and set an "outperform" rating on the stock in a report on Wednesday, November 13th. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an "underweight" rating for the company in a report on Thursday, November 14th. StockNews.com raised shares of Plug Power to a "sell" rating in a research report on Monday, February 10th. Wells Fargo & Company cut 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. Finally, Canaccord Genuity Group lowered their target price on shares of Plug Power from $2.50 to $2.25 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $4.12.

Plug Power Price Performance

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 fifty day simple moving average is $2.23 and its 200-day simple moving average is $2.13. The company has a market capitalization of $1.61 billion, a P/E ratio of -0.83 and a beta of 1.79.

Institutional Trading of Plug Power

Several hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Plug Power by 25.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker's stock worth $15,000,000 after purchasing an additional 1,354,500 shares in the last quarter. XTX Topco Ltd acquired a new stake in Plug Power in the 3rd quarter valued at $2,174,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Plug Power by 24.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker's stock worth $5,472,000 after purchasing an additional 476,060 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker's stock worth $3,160,000 after purchasing an additional 265,514 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Plug Power by 166.4% during the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker's stock worth $959,000 after purchasing an additional 265,042 shares during the last quarter. Institutional investors and hedge funds 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.