HC Wainwright Reaffirms “Buy” Rating for Plug Power (NASDAQ:PLUG)

HC Wainwright reiterated their buy rating on shares of Plug Power (NASDAQ:PLUG) in a research note released on Monday morning,Benzinga reports. HC Wainwright currently has a $3.00 price objective on the electronics maker’s stock.

PLUG has been the subject of a number of other research reports. Canaccord Genuity Group reduced their price target on Plug Power from $2.00 to $1.25 and set a “hold” rating for the company in a report on Wednesday, March 5th. Truist Financial reduced their target price 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. BMO Capital Markets dropped their price target on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Piper Sandler reduced their price objective on shares of Plug Power from $1.40 to $1.10 and set an “underweight” rating on the stock in a research note on Wednesday, March 5th. Finally, Morgan Stanley dropped their target price on shares of Plug Power from $1.75 to $1.60 and set an “underweight” rating for the company in a research report on Thursday, March 6th. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.31.

Plug Power Stock Performance

Shares of PLUG stock opened at $1.54 on Monday. The company’s fifty day moving average price is $1.84 and its two-hundred day moving average price is $2.07. 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 capitalization of $1.42 billion, a P/E ratio of -0.72 and a beta of 1.98. Plug Power has a 12 month low of $1.37 and a 12 month high of $4.90.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Plug Power by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after buying an additional 4,491,114 shares during the last quarter. Norges Bank bought a new stake in Plug Power in the 4th quarter valued at about $146,465,000. Geode Capital Management LLC boosted its stake in Plug Power by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after purchasing an additional 722,639 shares during the period. Legal & General Group Plc grew its position in Plug Power by 8.5% in the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after purchasing an additional 796,774 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Plug Power by 11.1% during the fourth quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock valued at $16,843,000 after buying an additional 790,650 shares during the last quarter. Institutional investors and hedge funds 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.