Plug Power (NASDAQ:PLUG) Shares Gap Down – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) gapped down before the market opened on Wednesday . The stock had previously closed at $1.62, but opened at $1.57. Plug Power shares last traded at $1.65, with a volume of 11,385,912 shares trading hands.

Wall Street Analyst Weigh In

PLUG has been the topic of a number of recent research reports. Piper Sandler lowered their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research note on Wednesday, March 5th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Susquehanna lowered their price target on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. HC Wainwright cut their price objective on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, BMO Capital Markets decreased their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.34.

Plug Power Stock Performance

The company has a market cap of $1.50 billion, a price-to-earnings ratio of -0.76 and a beta of 1.98. The firm’s 50 day simple moving average is $1.93 and its 200-day simple moving average is $2.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently bought and sold shares of PLUG. Vanguard Group Inc. lifted its stake in Plug Power by 5.4% in the 4th 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 in the last quarter. Norges Bank purchased a new position in Plug Power during the fourth quarter worth approximately $146,465,000. Geode Capital Management LLC boosted its stake in Plug Power by 3.8% during the fourth 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 grew its holdings in Plug Power by 8.5% in 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 increased its stake in shares of Plug Power by 11.1% in the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after acquiring an additional 790,650 shares during the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.