Morgan Stanley Cuts Plug Power (NASDAQ:PLUG) Price Target to $1.60

Plug Power (NASDAQ:PLUG) had its target price reduced by investment analysts at Morgan Stanley from $1.75 to $1.60 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the electronics maker’s stock. Morgan Stanley’s price target indicates a potential downside of 0.31% from the company’s previous close.

Other analysts also recently issued reports about the stock. Wells Fargo & Company dropped their price target on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Evercore ISI decreased their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 13th. Truist Financial decreased their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday. Craig Hallum reduced their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Susquehanna dropped their target price on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research report on Wednesday. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.34.

Plug Power Stock Performance

PLUG traded down $0.09 on Thursday, hitting $1.61. 26,439,154 shares of the company’s stock were exchanged, compared to its average volume of 67,695,555. 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 stock has a fifty day moving average of $2.09 and a two-hundred day moving average of $2.11. The firm has a market cap of $1.46 billion, a PE ratio of -0.75 and a beta of 1.79. Plug Power has a twelve month low of $1.37 and a twelve month high of $4.90.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLUG. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power during the fourth quarter worth $25,000. Pacific Sage Partners LLC acquired a new position in shares of Plug Power during the 4th quarter valued at $25,000. Jones Financial Companies Lllp raised its stake 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 buying an additional 6,074 shares during the period. Callan Family Office LLC bought a new stake in shares of Plug Power during the fourth quarter worth about $27,000. Finally, Ground Swell Capital LLC purchased a new position in Plug Power during the 4th quarter worth $27,000. Institutional investors and hedge funds own 43.48% of the company’s stock.

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.