Plug Power’s (PLUG) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Plug Power (NASDAQ:PLUG) in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $3.00 price target on the electronics maker’s stock.

A number of other equities research analysts have also recently commented on the company. StockNews.com upgraded Plug Power to a “sell” rating in a report on Tuesday, March 4th. Piper Sandler lowered their price target on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a report on Wednesday, March 5th. B. Riley cut their price objective 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. UBS Group decreased their target price on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a research report on Friday. Finally, Truist Financial cut their price target on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. Six analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.31.

Plug Power Price Performance

Plug Power stock opened at $1.54 on Monday. The firm has a market capitalization of $1.42 billion, a PE ratio of -0.72 and a beta of 1.98. Plug Power has a 52 week low of $1.37 and a 52 week high of $4.90. The firm’s 50-day simple moving average is $1.84 and its 200 day simple moving average is $2.07. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PLUG. Vanguard Group Inc. increased its position in shares of Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock worth $186,244,000 after acquiring an additional 4,491,114 shares in the last quarter. Norges Bank purchased a new position in Plug Power in the fourth quarter valued at about $146,465,000. Geode Capital Management LLC lifted its stake in shares of Plug Power by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock worth $42,434,000 after purchasing an additional 722,639 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Plug Power by 8.5% in the fourth quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after buying an additional 796,774 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Plug Power by 11.1% in the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after buying an additional 790,650 shares in the last quarter. Hedge funds and other 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.