Plug Power (NASDAQ:PLUG) Trading Up 3.9% – What’s Next?

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PLUG shares. HC Wainwright cut their price target on Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley lowered their price target on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research report on Thursday, March 6th. Piper Sandler lowered their price target on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday, March 5th. Truist Financial lowered their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Finally, B. Riley lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.31.

Plug Power Stock Performance

The stock’s 50 day moving average price is $1.86 and its 200 day moving average price is $2.07. 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 firm has a market cap of $1.42 billion, a PE ratio of -0.71 and a beta of 1.98.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Pacific Sage Partners LLC acquired a new position in Plug Power during the 4th quarter worth $25,000. Oppenheimer & Co. Inc. acquired a new position in Plug Power during the 4th quarter worth $25,000. Jones Financial Companies Lllp grew its holdings 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. Callan Family Office LLC acquired a new position in Plug Power during the 4th quarter worth $27,000. Finally, Ground Swell Capital LLC acquired a new position in Plug Power during the 4th quarter worth $27,000. 43.48% of the stock is 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.