Plug Power (NASDAQ:PLUG) Given New $1.75 Price Target at UBS Group

Plug Power (NASDAQ:PLUG) had its target price cut by UBS Group from $2.50 to $1.75 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

Several other equities analysts have also recently commented on the stock. Morgan Stanley dropped their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research report on Thursday, March 6th. HC Wainwright dropped their target price on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. B. Riley 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 Wednesday, March 5th. StockNews.com upgraded shares of Plug Power to a “sell” rating in a research report on Tuesday, March 4th. Finally, Truist Financial dropped their target price on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.31.

Plug Power Stock Performance

NASDAQ PLUG opened at $1.53 on Friday. The firm has a 50-day moving average price of $1.86 and a two-hundred day moving average price of $2.07. The company has a market capitalization of $1.42 billion, a P/E ratio of -0.71 and a beta of 1.98. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. Plug Power has a 12-month low of $1.37 and a 12-month high of $4.90.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLUG. Norges Bank acquired a new position in Plug Power in the 4th quarter valued at approximately $146,465,000. Point72 Asset Management L.P. bought a new stake in shares of Plug Power in the 4th quarter valued at $10,370,000. Vanguard Group Inc. boosted its stake in shares of Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Plug Power by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after purchasing an additional 3,662,456 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Plug Power in the 4th quarter valued at $6,235,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.