Plug Power (NASDAQ:PLUG) Stock Price Down 9.5% – Should You Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) traded down 9.5% on Thursday . The stock traded as low as $2.56 and last traded at $2.67. 68,127,402 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 95,630,695 shares. The stock had previously closed at $2.95.

Analysts Set New Price Targets

A number of research firms have weighed in on PLUG. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Plug Power in a research note on Wednesday, November 13th. Jefferies Financial Group dropped their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Canaccord Genuity Group cut 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. Wells Fargo & Company lowered their target price 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, 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 report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Stock Up 7.5 %

The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -1.34 and a beta of 1.79. The firm’s 50-day simple moving average is $2.28 and its two-hundred day simple moving average is $2.24. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last announced 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 net margin of 214.05% and a negative return on equity of 46.99%. The business had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same period in the prior year, the firm earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. Sell-side analysts predict that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Trading of Plug Power

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

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.