Plug Power (NASDAQ:PLUG) Hits New 52-Week Low – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG) shares reached a new 52-week low on Thursday . The stock traded as low as $1.24 and last traded at $1.22, with a volume of 11097041 shares changing hands. The stock had previously closed at $1.32.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PLUG. Susquehanna cut their price objective 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, March 5th. Truist Financial reduced their price objective on Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, March 5th. StockNews.com upgraded Plug Power to a “sell” rating in a report on Tuesday, March 4th. UBS Group reduced their price target on shares of Plug Power from $2.50 to $1.75 and set a “neutral” rating for the company in a research report on Friday, March 21st. Finally, Morgan Stanley dropped their price objective on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating on the stock in a research note on Thursday, March 6th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.31.

Plug Power Trading Down 8.0 %

The firm has a market capitalization of $1.12 billion, a P/E ratio of -0.57 and a beta of 1.98. The firm has a fifty day simple moving average of $1.69 and a two-hundred day simple moving average of $2.05. 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 Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PLUG. Pacific Sage Partners LLC bought a new position in shares of Plug Power in the fourth quarter valued at approximately $25,000. Oppenheimer & Co. Inc. bought a new position in shares of Plug Power in the fourth quarter worth $25,000. Jones Financial Companies Lllp raised its position in shares of 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 in the last quarter. Callan Family Office LLC bought a new stake in Plug Power during the fourth quarter valued at $27,000. Finally, Ground Swell Capital LLC bought a new position in Plug Power in the 4th quarter worth about $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.