Plug Power Inc. (NASDAQ:PLUG) Receives Consensus Rating of “Hold” from Brokerages

Shares of Plug Power Inc. (NASDAQ:PLUG) have been assigned a consensus recommendation of “Hold” from the eighteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $2.31.

PLUG has been the subject of several research reports. Morgan Stanley reduced their price objective 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. B. Riley decreased their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. UBS Group dropped their price target on Plug Power from $2.50 to $1.75 and set a “neutral” rating on the stock in a report on Friday, March 21st. Piper Sandler reduced their price objective on Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a research note on Wednesday, March 5th. Finally, Canaccord Genuity Group cut their target price on Plug Power from $2.00 to $1.25 and set a “hold” rating on the stock in a research report on Wednesday, March 5th.

Plug Power Stock Performance

Shares of NASDAQ PLUG opened at $1.44 on Friday. Plug Power has a 1 year low of $1.37 and a 1 year high of $4.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a fifty day moving average price of $1.76 and a two-hundred day moving average price of $2.06. The firm has a market cap of $1.33 billion, a P/E ratio of -0.67 and a beta of 1.98.

Hedge Funds Weigh In On Plug Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in Plug Power by 17.3% in the third quarter. Victory Capital Management Inc. now owns 103,382 shares of the electronics maker’s stock valued at $234,000 after purchasing an additional 15,280 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Plug Power by 145.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 183,119 shares of the electronics maker’s stock valued at $414,000 after buying an additional 108,536 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Plug Power in the 3rd quarter valued at approximately $277,000. Charles Schwab Investment Management Inc. increased its holdings in Plug Power by 25.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after buying an additional 1,354,500 shares during the last quarter. Finally, Cerity Partners LLC raised its position in Plug Power by 100.9% during the third quarter. Cerity Partners LLC now owns 433,869 shares of the electronics maker’s stock valued at $981,000 after acquiring an additional 217,858 shares in the last quarter. 43.48% of the stock is currently owned by hedge funds and other 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.