Plug Power (NASDAQ:PLUG) Shares Gap Down – Here’s What Happened

Shares of Plug Power Inc. (NASDAQ:PLUG) gapped down before the market opened on Tuesday . The stock had previously closed at $1.50, but opened at $1.39. Plug Power shares last traded at $1.56, with a volume of 22,851,999 shares.

Analyst Upgrades and Downgrades

PLUG has been the subject of several research analyst reports. Piper Sandler reduced their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Craig Hallum lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Canaccord Genuity Group lowered their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. StockNews.com raised shares of Plug Power to a “sell” rating in a research report on Monday, February 10th. 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. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Plug Power presently has a consensus rating of “Hold” and a consensus target price of $4.12.

Plug Power Stock Up 8.3 %

The firm has a 50 day simple moving average of $2.11 and a two-hundred day simple moving average of $2.11. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.48 billion, a P/E ratio of -0.77 and a beta of 1.79.

Institutional Trading of Plug Power

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

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.