Plug Power (NASDAQ:PLUG) Trading Down 1.8% – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 1.8% during mid-day trading on Tuesday . The company traded as low as $1.88 and last traded at $1.92. Approximately 23,320,422 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 78,104,461 shares. The stock had previously closed at $1.95.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Wells Fargo & Company cut their price objective on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Craig Hallum lowered their target price on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Finally, Evercore ISI reduced their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power has an average rating of “Hold” and a consensus price target of $4.46.

Plug Power Stock Up 0.5 %

The stock’s fifty day simple moving average is $2.36 and its two-hundred day simple moving average is $2.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -0.92 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the business earned ($0.47) EPS. The business’s revenue was down 12.6% on a year-over-year basis. On average, sell-side analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

A number of hedge funds have recently added to or reduced their stakes in PLUG. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 4,700 shares during the period. Arkadios Wealth Advisors boosted its stake in Plug Power by 18.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after purchasing an additional 5,075 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Plug Power by 0.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock worth $1,817,000 after purchasing an additional 5,485 shares during the last quarter. Catalyst Capital Advisors LLC raised its holdings in shares of Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after buying an additional 5,631 shares during the last quarter. Finally, Millburn Ridgefield Corp boosted its position in shares of Plug Power by 79.9% during the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after buying an additional 5,631 shares during the period. 43.48% of the stock is currently owned by institutional investors.

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.