Plug Power (NASDAQ:PLUG) Hits New 12-Month Low – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $1.35 and last traded at $1.36, with a volume of 29507183 shares. The stock had previously closed at $1.44.

Analyst Ratings Changes

PLUG has been the subject of a number of recent analyst reports. UBS Group dropped their price objective on Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a report on Friday, March 21st. StockNews.com raised Plug Power to a “sell” rating in a research note on Tuesday, March 4th. B. Riley reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Truist Financial decreased their price objective on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, Seaport Res Ptn lowered shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.31.

Plug Power Trading Down 6.6 %

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 company has a market capitalization of $1.24 billion, a P/E ratio of -0.63 and a beta of 1.98. The business has a fifty day moving average price of $1.76 and a 200 day moving average price of $2.06.

Institutional Trading of Plug Power

A number of institutional investors have recently made changes to their positions in PLUG. PNC Financial Services Group Inc. increased its stake in Plug Power by 53.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,410 shares of the electronics maker’s stock valued at $33,000 after buying an additional 5,348 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after acquiring an additional 5,485 shares in the last quarter. Compagnie Lombard Odier SCmA grew its holdings in shares of Plug Power by 12.8% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 49,000 shares of the electronics maker’s stock valued at $104,000 after acquiring an additional 5,550 shares in the last quarter. Millburn Ridgefield Corp increased its position in shares of Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the last quarter. Finally, 49 Wealth Management LLC raised its holdings in Plug Power by 25.0% during the fourth quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock worth $62,000 after acquiring an additional 5,834 shares in the last quarter. Institutional investors 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.