Plug Power (NASDAQ:PLUG) Trading Down 6.6% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG)’s stock price was down 6.6% during mid-day trading on Wednesday . The stock traded as low as $2.12 and last traded at $2.13. Approximately 51,510,641 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 43,635,922 shares. The stock had previously closed at $2.28.

Wall Street Analyst Weigh In

PLUG has been the topic of several research reports. Wells Fargo & Company dropped their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 14th. Piper Sandler dropped their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Canaccord Genuity Group reduced their target price on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Jefferies Financial Group lowered their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.52.

Plug Power Stock Up 9.4 %

The company’s 50 day simple moving average is $2.21 and its 200-day simple moving average is $2.23. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.12 billion, a P/E ratio of -1.09 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter last year, the company earned ($0.47) EPS. The firm’s revenue for the quarter was down 12.6% on a year-over-year basis. Research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in shares of Plug Power by 69.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares during the period. Principal Financial Group Inc. grew its position in Plug Power by 45.1% during the second quarter. Principal Financial Group Inc. now owns 63,780 shares of the electronics maker’s stock valued at $149,000 after buying an additional 19,824 shares during the period. Commonwealth Equity Services LLC increased its holdings in Plug Power by 8.9% during the second quarter. Commonwealth Equity Services LLC now owns 356,973 shares of the electronics maker’s stock valued at $832,000 after buying an additional 29,134 shares during the last quarter. Rhumbline Advisers raised its position in Plug Power by 97.2% in the second quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker’s stock worth $3,020,000 after acquiring an additional 638,761 shares during the period. Finally, Foundations Investment Advisors LLC boosted its stake in shares of Plug Power by 94.0% during the 2nd quarter. Foundations Investment Advisors LLC now owns 365,143 shares of the electronics maker’s stock worth $851,000 after acquiring an additional 176,898 shares during the last quarter. Hedge funds and other institutional investors 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.