Canaccord Genuity Group Has Lowered Expectations for Plug Power (NASDAQ:PLUG) Stock Price

Plug Power (NASDAQ:PLUG) had its price target cut by investment analysts at Canaccord Genuity Group from $2.00 to $1.25 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the electronics maker’s stock. Canaccord Genuity Group’s price target points to a potential downside of 24.24% from the stock’s previous close.

Several other brokerages also recently weighed in on PLUG. Piper Sandler dropped their target price on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating for the company in a report on Wednesday. Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Susquehanna decreased their target price on Plug Power from $2.50 to $1.80 and set a “neutral” rating on the stock in a research note on Wednesday. HC Wainwright lowered their price target on Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Seaport Res Ptn lowered shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.34.

Plug Power Stock Performance

PLUG opened at $1.65 on Wednesday. The company has a 50 day simple moving average of $2.08 and a two-hundred day simple moving average of $2.10. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The firm has a market cap of $1.50 billion, a P/E ratio of -0.77 and a beta of 1.79. Plug Power has a 1-year low of $1.37 and a 1-year high of $4.90.

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. bought a new stake in shares of Plug Power in the 4th quarter valued at approximately $25,000. Pacific Sage Partners LLC purchased a new stake in Plug Power during the 4th quarter valued at $25,000. Jones Financial Companies Lllp lifted its position in Plug Power by 107.4% in the fourth quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after buying an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new position in Plug Power during the fourth quarter worth $27,000. Finally, Ground Swell Capital LLC bought a new position in Plug Power during the fourth quarter valued at $27,000. 43.48% of the stock is owned by institutional investors.

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.