Plug Power (NASDAQ:PLUG) Reaches New 12-Month Low at $11.47

Plug Power Inc. (NASDAQ:PLUG – Get Rating) hit a new 52-week low on Wednesday . The stock traded as low as $11.47 and last traded at $11.59, with a volume of 4452835 shares trading hands. The stock had previously closed at $12.16.

Analyst Ratings Changes

Several equities analysts have commented on PLUG shares. Citigroup dropped their target price on shares of Plug Power from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Sunday, March 5th. Piper Sandler reduced their price objective on shares of Plug Power from $20.00 to $17.00 in a research note on Thursday, March 2nd. Royal Bank of Canada cut their price target on shares of Plug Power from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, March 2nd. UBS Group began coverage on shares of Plug Power in a report on Tuesday, December 13th. They issued a “buy” rating and a $26.00 price target for the company. Finally, BMO Capital Markets dropped their price objective on shares of Plug Power from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Thursday, March 2nd. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power currently has a consensus rating of “Moderate Buy” and an average target price of $23.86.

Plug Power Price Performance

The company has a current ratio of 5.20, a quick ratio of 4.19 and a debt-to-equity ratio of 0.12. The firm has a market cap of $7.00 billion, a PE ratio of -9.44 and a beta of 1.81. The business’s 50-day simple moving average is $15.18 and its 200 day simple moving average is $17.36.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PLUG. Vanguard Group Inc. grew its position in shares of Plug Power by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 51,003,648 shares of the electronics maker’s stock worth $1,071,588,000 after buying an additional 712,632 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Plug Power by 69.1% in the 4th quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 17,213,803 shares of the electronics maker’s stock worth $212,935,000 after buying an additional 7,035,344 shares during the last quarter. Norges Bank purchased a new position in shares of Plug Power in the 4th quarter worth approximately $211,176,000. State Street Corp grew its position in shares of Plug Power by 6.3% in the 3rd quarter. State Street Corp now owns 14,008,927 shares of the electronics maker’s stock worth $294,328,000 after buying an additional 826,142 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Plug Power by 3.1% in the 4th quarter. Morgan Stanley now owns 10,052,469 shares of the electronics maker’s stock worth $124,349,000 after buying an additional 303,185 shares during the last quarter. Hedge funds and other institutional investors own 52.07% of the company’s stock.

About Plug Power

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Plug Power, Inc provides alternative energy technology, which focuses on the design, development, commercialization, and manufacture of hydrogen and fuel cell systems used primarily for the material handling and stationary power markets. Its fuel cell system solution is designed to replace lead-acid batteries in electric material handling vehicles and industrial trucks for some distribution and manufacturing businesses.