Plug Power (NASDAQ:PLUG) Trading Down 4.9% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) was down 4.9% during trading on Tuesday . The company traded as low as $2.10 and last traded at $2.13. Approximately 15,518,690 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 39,207,863 shares. The stock had previously closed at $2.24.

Wall Street Analyst Weigh In

Several research firms have commented on PLUG. Susquehanna lowered their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Jefferies Financial Group lowered their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Craig Hallum lowered their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Royal Bank of Canada lowered their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating on the stock in a research report on Monday, August 12th. Finally, Wells Fargo & Company lowered their price objective on Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Plug Power has an average rating of “Hold” and an average price target of $5.01.

Plug Power Trading Down 5.6 %

The company has a 50 day moving average of $2.04 and a 200 day moving average of $2.44. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -0.85 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. The firm had revenue of $143.40 million during the quarter, compared to analyst estimates of $184.54 million. During the same period in the prior year, the company posted ($0.35) earnings per share. The firm’s revenue for the quarter was down 44.9% compared to the same quarter last year. On average, research analysts predict that Plug Power Inc. will post -1.16 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 stock. Vanguard Group Inc. increased its stake in shares of Plug Power by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock worth $189,153,000 after acquiring an additional 999,194 shares during the last quarter. Van ECK Associates Corp increased 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 worth $8,803,000 after acquiring an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after acquiring an additional 1,051,400 shares during the last quarter. Swedbank AB acquired a new stake in shares of Plug Power in the 1st quarter worth $10,687,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Plug Power by 5.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock worth $10,022,000 after acquiring an additional 150,088 shares during 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.