Plug Power (NASDAQ:PLUG) Sets New 12-Month Low – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares hit a new 52-week low during trading on Thursday . The company traded as low as $1.24 and last traded at $1.22, with a volume of 11097041 shares traded. The stock had previously closed at $1.32.

Analysts Set New Price Targets

PLUG has been the topic of several research reports. B. Riley cut their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. BMO Capital Markets cut their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. StockNews.com raised shares of Plug Power to a “sell” rating in a report on Tuesday, March 4th. UBS Group decreased their price target on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research note on Friday, March 21st. Finally, Truist Financial lowered their target price on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.31.

Plug Power Trading Up 0.8 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -0.57 and a beta of 1.98. The company has a fifty day moving average of $1.65 and a two-hundred day moving average of $2.04.

Institutional Investors Weigh In On Plug Power

Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in Plug Power by 53.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock worth $33,000 after purchasing an additional 5,348 shares in the last quarter. Compagnie Lombard Odier SCmA increased its position in shares of Plug Power by 12.8% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after acquiring an additional 5,550 shares in the last quarter. 49 Wealth Management LLC raised its stake in shares of Plug Power by 25.0% in the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock valued at $62,000 after acquiring an additional 5,834 shares during the period. Jones Financial Companies Lllp lifted its position in 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 acquiring an additional 6,074 shares in the last quarter. Finally, Avantax Planning Partners Inc. lifted its stake in shares of Plug Power by 54.0% in the fourth quarter. Avantax Planning Partners Inc. now owns 18,722 shares of the electronics maker’s stock worth $40,000 after acquiring an additional 6,561 shares in 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.