Truist Financial Issues Pessimistic Forecast for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its target price decreased by stock analysts at Truist Financial from $2.00 to $1.50 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the electronics maker’s stock. Truist Financial’s price target points to a potential downside of 9.09% from the stock’s current price.

Other research analysts also recently issued reports about the company. Craig Hallum cut their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Susquehanna dropped their price target on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research report on Wednesday. Seaport Res Ptn downgraded shares of Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Evercore ISI decreased their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Plug Power has a consensus rating of “Hold” and a consensus price target of $2.34.

Plug Power Trading Down 2.4 %

Plug Power stock opened at $1.65 on Wednesday. Plug Power has a one year low of $1.37 and a one year high of $4.90. The company’s fifty day moving average price is $2.08 and its two-hundred day moving average price is $2.10. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -0.77 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Institutional Investors Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of PLUG. Charles Schwab Investment Management Inc. boosted its position in shares of Plug Power by 25.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. XTX Topco Ltd bought a new position in Plug Power during the third quarter worth about $2,174,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Plug Power by 24.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Plug Power by 23.4% in the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock valued at $3,160,000 after purchasing an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in shares of Plug Power by 166.4% in the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares in the last quarter. Institutional investors and hedge funds 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.