UBS Group Lowers Plug Power (NASDAQ:PLUG) Price Target to $1.75

Plug Power (NASDAQ:PLUG) had its target price reduced by investment analysts at UBS Group from $2.50 to $1.75 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the electronics maker’s stock. UBS Group’s target price points to a potential upside of 11.82% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Piper Sandler dropped their target price on Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research report on Wednesday, March 5th. Truist Financial dropped their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Seaport Res Ptn downgraded Plug Power from a “hold” rating to a “strong sell” rating in a report on Monday, January 27th. BMO Capital Markets lowered 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 note on Wednesday, March 5th. Finally, B. Riley cut their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.31.

Plug Power Stock Performance

Shares of NASDAQ:PLUG traded down $0.03 during midday trading on Friday, hitting $1.57. The stock had a trading volume of 25,038,554 shares, compared to its average volume of 47,493,200. Plug Power has a 1 year low of $1.37 and a 1 year high of $4.90. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $1.89 and a two-hundred day moving average price of $2.07. The company has a market capitalization of $1.45 billion, a PE ratio of -0.73 and a beta of 1.98.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in Plug Power by 25.6% in 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 during the last quarter. XTX Topco Ltd purchased a new stake in shares of Plug Power in the third quarter valued at $2,174,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Plug Power by 24.5% in 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 during the last quarter. Stifel Financial Corp lifted its position in Plug Power by 23.4% during the third quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after buying an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in 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 during 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.