Plug Power (NASDAQ:PLUG) Shares Down 4.8% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG) shares traded down 4.8% on Wednesday . The stock traded as low as $2.38 and last traded at $2.39. 14,318,773 shares were traded during mid-day trading, a decline of 67% from the average session volume of 43,373,215 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a research report on Wednesday, November 13th. Jefferies Financial Group dropped their price objective on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. BTIG Research cut shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company dropped their price target on Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group decreased their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Four 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.52.

Plug Power Stock Up 1.3 %

The company’s 50 day moving average price is $2.14 and its 200 day moving average price is $2.31. 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 has a market capitalization of $2.21 billion, a price-to-earnings ratio of -1.08 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) 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 firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. During the same period in the previous year, the business earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, research analysts forecast that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PLUG. Geode Capital Management LLC lifted its position in shares of 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 valued at $43,388,000 after acquiring an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 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 valued at $15,000,000 after buying an additional 1,354,500 shares during the period. Van ECK Associates Corp raised its stake in shares of Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock valued at $8,803,000 after acquiring an additional 809,187 shares during the period. Vontobel Holding Ltd. lifted its stake 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 worth $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in 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 worth $5,896,000 after acquiring an additional 1,036,777 shares in the last quarter. 43.48% of the stock is owned by institutional investors and hedge funds.

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.