Plug Power (NASDAQ:PLUG) Shares Up 1.5% – Time to Buy?

Plug Power Inc. (NASDAQ:PLUG) shot up 1.5% during trading on Friday . The stock traded as high as $1.69 and last traded at $1.68. 16,699,878 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 67,272,703 shares. The stock had previously closed at $1.65.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research report on Tuesday, March 4th. Susquehanna decreased 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, March 5th. Piper Sandler dropped their price target 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. Truist Financial cut their price target on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.34.

Plug Power Price Performance

The company has a 50 day moving average of $2.02 and a 200 day moving average of $2.09. 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 $1.53 billion, a price-to-earnings ratio of -0.77 and a beta of 1.98.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PLUG. Vanguard Group Inc. increased its position in 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 purchasing an additional 4,491,114 shares during the last quarter. Norges Bank purchased a new stake in shares of Plug Power during the 4th quarter valued at $146,465,000. Geode Capital Management LLC increased its holdings in shares of Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock worth $42,434,000 after buying an additional 722,639 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Plug Power by 8.5% during the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after buying an additional 796,774 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Plug Power by 11.1% in the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after buying an additional 790,650 shares during the period. 43.48% of the stock is currently owned by hedge funds and other 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.