Plug Power (NASDAQ:PLUG) Stock Price Down 1.5% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG) shares fell 1.5% during trading on Friday . The company traded as low as $1.55 and last traded at $1.61. 18,959,138 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 66,625,711 shares. The stock had previously closed at $1.63.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PLUG shares. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI reduced their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Canaccord Genuity Group cut their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Finally, Craig Hallum 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 Thursday, November 14th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and a consensus price target of $4.12.

Plug Power Stock Performance

The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -0.75 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 simple moving average of $2.13 and a two-hundred day simple moving average of $2.11.

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently added to or reduced their stakes in PLUG. Creative Planning increased its stake in shares of Plug Power by 35.9% in the 3rd quarter. Creative Planning now owns 115,614 shares of the electronics maker’s stock valued at $261,000 after acquiring an additional 30,552 shares in the last quarter. Private Advisor Group LLC grew its holdings in Plug Power by 53.2% in the third quarter. Private Advisor Group LLC now owns 65,594 shares of the electronics maker’s stock worth $148,000 after purchasing an additional 22,770 shares during the period. International Assets Investment Management LLC increased its stake in Plug Power by 135.7% in the third quarter. International Assets Investment Management LLC now owns 23,201 shares of the electronics maker’s stock valued at $52,000 after purchasing an additional 13,357 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in shares of Plug Power by 18.2% during the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after purchasing an additional 5,075 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors.

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.