Morgan Stanley restated their equal weight rating on shares of Plug Power (NASDAQ:PLUG) in a research report sent to investors on Monday, Benzinga reports. They currently have a $35.00 price target on the electronics maker’s stock.
PLUG has been the subject of a number of other reports. Barclays reiterated an underweight rating and set a $29.00 price target (up from $21.00) on shares of Plug Power in a report on Monday, March 8th. Canaccord Genuity lifted their price target on shares of Plug Power from $25.00 to $48.00 and gave the stock a buy rating in a report on Thursday, January 7th. Sanford C. Bernstein assumed coverage on shares of Plug Power in a report on Wednesday, February 3rd. They set an outperform rating and a $75.00 price target for the company. Roth Capital reiterated a buy rating and set a $65.00 price target on shares of Plug Power in a report on Monday, March 8th. Finally, Truist downgraded shares of Plug Power from a buy rating to a hold rating in a report on Wednesday, March 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. Plug Power currently has an average rating of Buy and a consensus target price of $49.88.
Shares of PLUG opened at $26.50 on Monday. The company has a current ratio of 2.95, a quick ratio of 2.44 and a debt-to-equity ratio of 0.91. The stock has a market cap of $12.44 billion, a P/E ratio of -80.30 and a beta of 1.81. The company has a 50-day moving average of $35.67 and a two-hundred day moving average of $36.86. Plug Power has a 12-month low of $3.79 and a 12-month high of $75.49.
A number of large investors have recently added to or reduced their stakes in PLUG. Norges Bank purchased a new position in Plug Power in the fourth quarter valued at about $220,881,000. Alliancebernstein L.P. raised its position in Plug Power by 252.5% in the fourth quarter. Alliancebernstein L.P. now owns 8,398,495 shares of the electronics maker’s stock valued at $284,793,000 after purchasing an additional 6,015,971 shares during the period. BlackRock Inc. raised its position in Plug Power by 14.6% in the fourth quarter. BlackRock Inc. now owns 47,161,335 shares of the electronics maker’s stock valued at $1,599,242,000 after purchasing an additional 6,007,080 shares during the period. First Trust Advisors LP raised its position in Plug Power by 79.9% in the fourth quarter. First Trust Advisors LP now owns 2,871,846 shares of the electronics maker’s stock valued at $97,384,000 after purchasing an additional 1,275,076 shares during the period. Finally, Federated Hermes Inc. raised its position in Plug Power by 677.7% in the fourth quarter. Federated Hermes Inc. now owns 1,281,060 shares of the electronics maker’s stock valued at $43,441,000 after purchasing an additional 1,116,331 shares during the period. 50.89% of the stock is currently owned by institutional investors.
About Plug Power
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.
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