Plug Power (NASDAQ:PLUG) Stock Price Down 1.5% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) shares dropped 1.5% on Friday . The stock traded as low as $2.55 and last traded at $2.63. Approximately 14,762,849 shares changed hands during trading, a decline of 82% from the average daily volume of 81,930,695 shares. The stock had previously closed at $2.67.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Piper Sandler cut their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Craig Hallum reduced their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Finally, Evercore ISI reduced their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Up 7.5 %

The stock has a market cap of $2.62 billion, a P/E ratio of -1.34 and a beta of 1.79. The company’s 50 day moving average price is $2.30 and its two-hundred day moving average price is $2.24. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) earnings per share. As a group, research analysts expect that Plug Power Inc. will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Plug Power

Several hedge funds have recently modified their holdings of PLUG. Geode Capital Management LLC raised its stake in Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after buying an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock worth $15,000,000 after acquiring an additional 1,354,500 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Plug Power by 23.6% during the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. boosted its position in Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Plug Power by 24.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

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.