Piper Sandler Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its target price cut by equities researchers at Piper Sandler from $1.40 to $1.10 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the electronics maker’s stock. Piper Sandler’s target price suggests a potential downside of 29.71% from the company’s current price.

Other equities analysts have also issued reports about the stock. Seaport Res Ptn lowered shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. HC Wainwright reduced their price target on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research note on Tuesday. Finally, BMO Capital Markets cut their price target on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.87.

Plug Power Stock Down 3.4 %

PLUG traded down $0.06 on Wednesday, hitting $1.57. The company had a trading volume of 22,617,887 shares, compared to its average volume of 67,607,078. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -0.74 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a fifty day moving average price of $2.09 and a 200-day moving average price of $2.11. Plug Power has a 12-month low of $1.37 and a 12-month high of $4.90.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV increased its position in shares of Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after acquiring an additional 4,700 shares during the period. PNC Financial Services Group Inc. grew its stake in Plug Power by 53.2% during the 4th 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. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Plug Power by 0.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after purchasing an additional 5,485 shares in the last quarter. Compagnie Lombard Odier SCmA increased its holdings in Plug Power by 12.8% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 5,550 shares during the period. Finally, Catalyst Capital Advisors LLC raised its position in Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.