Plug Power (NASDAQ:PLUG) Shares Down 2.6% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG)’s share price traded down 2.6% during trading on Thursday . The company traded as low as $2.55 and last traded at $2.64. 52,953,341 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 78,753,039 shares. The stock had previously closed at $2.71.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Jefferies Financial Group decreased their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Piper Sandler cut their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Finally, Craig Hallum cut their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.55.

Plug Power Trading Down 10.9 %

The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $2.34 and its 200 day simple moving average is $2.25. The stock has a market capitalization of $2.22 billion, a P/E ratio of -1.14 and a beta of 1.79.

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

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of the stock. ACT Wealth Management LLC increased its stake in Plug Power by 71.4% in the 4th quarter. ACT Wealth Management LLC now owns 24,000 shares of the electronics maker’s stock worth $51,000 after purchasing an additional 10,000 shares in the last quarter. Arkadios Wealth Advisors increased its stake in Plug Power by 88.0% in the 4th quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock worth $132,000 after purchasing an additional 29,062 shares in the last quarter. Kieckhefer Group LLC purchased a new position in Plug Power in the 4th quarter worth about $138,000. Sanctuary Advisors LLC purchased a new position in Plug Power during the 3rd quarter valued at about $206,000. Finally, Arete Wealth Advisors LLC grew its stake in Plug Power by 575.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock valued at $332,000 after acquiring an additional 125,347 shares in 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.