Plug Power (NASDAQ:PLUG) Trading Down 0.3% – Here’s Why

Plug Power Inc. (NASDAQ:PLUG)’s stock price was down 0.3% on Monday . The company traded as low as $1.72 and last traded at $1.78. Approximately 22,301,358 shares were traded during trading, a decline of 67% from the average daily volume of 67,389,695 shares. The stock had previously closed at $1.78.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PLUG shares. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. Craig Hallum lowered their target price on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. BMO Capital Markets dropped their price target on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company decreased their price objective on 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 analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average price target of $2.34.

Plug Power Stock Down 2.3 %

The company has a market capitalization of $1.55 billion, a PE ratio of -0.78 and a beta of 1.98. The stock’s fifty day moving average is $2.03 and its two-hundred day moving average is $2.09. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacific Sage Partners LLC bought a new stake in shares of Plug Power in the 4th quarter worth approximately $25,000. Oppenheimer & Co. Inc. purchased a new stake in Plug Power in the fourth quarter worth $25,000. Jones Financial Companies Lllp raised its stake in shares of 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 buying an additional 6,074 shares during the period. Callan Family Office LLC purchased a new position in shares of Plug Power during the 4th quarter valued at $27,000. Finally, Ground Swell Capital LLC bought a new position in shares of Plug Power during the 4th quarter worth $27,000. 43.48% of the stock is owned by 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.