Truist Financial Cuts Plug Power (NASDAQ:PLUG) Price Target to $1.50

Plug Power (NASDAQ:PLUG) had its price target reduced by Truist Financial from $2.00 to $1.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the electronics maker’s stock. Truist Financial’s target price indicates a potential downside of 8.26% from the company’s current price.

A number of other equities research analysts have also recently issued reports on PLUG. Craig Hallum dropped their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Canaccord Genuity Group dropped their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. BMO Capital Markets dropped their price target on Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday. Finally, Evercore ISI cut their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Plug Power presently has an average rating of “Hold” and an average price target of $2.85.

Plug Power Price Performance

NASDAQ:PLUG traded up $0.02 during trading hours on Wednesday, reaching $1.64. The company had a trading volume of 39,118,348 shares, compared to its average volume of 68,051,406. 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 50-day moving average of $2.09 and a two-hundred day moving average of $2.11. Plug Power has a one year low of $1.37 and a one year high of $4.90. The firm has a market capitalization of $1.49 billion, a PE ratio of -0.76 and a beta of 1.79.

Hedge Funds Weigh In On Plug Power

Large investors have recently bought and sold shares of the business. Pacific Sage Partners LLC bought a new stake in shares of Plug Power during the 4th quarter valued at $25,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Plug Power during the fourth quarter worth $25,000. Jones Financial Companies Lllp increased its holdings in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 6,074 shares during the last quarter. Callan Family Office LLC acquired a new position in Plug Power in the fourth quarter valued at about $27,000. Finally, Ground Swell Capital LLC bought a new position in Plug Power during the fourth quarter worth about $27,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.