Plug Power (NASDAQ:PLUG) Sets New 52-Week Low – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $0.98 and last traded at $1.00, with a volume of 104817960 shares changing hands. The stock had previously closed at $1.06.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PLUG. Canaccord Genuity Group lowered their price target on shares of Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. 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. B. Riley cut their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. BMO Capital Markets decreased their price objective on Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Piper Sandler dropped their price objective on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research report on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average price target of $2.29.

Plug Power Trading Down 2.3 %

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 $832.94 million, a PE ratio of -0.42 and a beta of 2.07. The business’s fifty day moving average is $1.48 and its 200-day moving average is $1.96.

Institutional Trading of Plug Power

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in Plug Power during the fourth quarter valued at about $25,000. Pacific Sage Partners LLC acquired a new position in shares of Plug Power in the 4th quarter valued at about $25,000. Jones Financial Companies Lllp grew its holdings in shares of 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 purchasing an additional 6,074 shares during the period. Callan Family Office LLC purchased a new stake in shares of Plug Power during the 4th quarter worth about $27,000. Finally, Ground Swell Capital LLC acquired a new stake in Plug Power during the 4th quarter worth approximately $27,000. 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.