Plug Power (NASDAQ:PLUG) Trading Down 6.4% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 6.4% on Friday . The company traded as low as $2.46 and last traded at $2.57. 48,834,594 shares were traded during trading, a decline of 38% from the average session volume of 79,025,305 shares. The stock had previously closed at $2.74.

Analyst Ratings Changes

A number of brokerages recently weighed in on PLUG. Piper Sandler decreased their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Susquehanna upped their target price on Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company reduced their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group decreased their target price on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.55.

Plug Power Price Performance

The stock has a market capitalization of $2.26 billion, a PE ratio of -1.16 and a beta of 1.79. The stock’s 50 day moving average is $2.33 and its two-hundred day moving average is $2.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last announced 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 firm had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the previous year, the business posted ($0.47) EPS. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, equities analysts anticipate that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Profund Advisors LLC purchased a new position in Plug Power during the second quarter worth approximately $29,000. Prio Wealth Limited Partnership purchased a new position in shares of Plug Power during the 3rd quarter worth $29,000. Catalyst Capital Advisors LLC raised its holdings in shares of Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 shares during the period. First Commonwealth Financial Corp PA acquired a new position in shares of Plug Power during the 3rd quarter valued at about $29,000. Finally, Millburn Ridgefield Corp grew its holdings in shares of Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares during the period. 43.48% of the stock is currently owned by institutional investors and hedge funds.

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.