Plug Power (NASDAQ:PLUG) Trading Down 3.7% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) shares dropped 3.7% during mid-day trading on Thursday . The stock traded as low as $1.68 and last traded at $1.71. Approximately 25,056,813 shares were traded during trading, a decline of 63% from the average daily volume of 67,982,063 shares. The stock had previously closed at $1.77.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research report on Monday, February 10th. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a report on Wednesday, November 13th. BTIG Research cut Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Susquehanna lifted their price objective on Plug Power from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Five analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $4.12.

Plug Power Trading Down 3.7 %

The company has a market cap of $1.55 billion, a PE ratio of -0.80 and a beta of 1.79. The company’s 50 day simple moving average is $2.23 and its two-hundred day simple moving average is $2.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Plug Power by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after buying an additional 4,491,114 shares during the period. Norges Bank purchased a new position in Plug Power during the 4th quarter valued at about $146,465,000. Geode Capital Management LLC grew its position in Plug Power by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after acquiring an additional 722,639 shares in the last quarter. Legal & General Group Plc increased its stake in Plug Power by 8.5% during the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after purchasing an additional 796,774 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after purchasing an additional 790,650 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.