Plug Power (NASDAQ:PLUG) Trading Down 1.7% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) shares fell 1.7% during mid-day trading on Thursday . The stock traded as low as $2.35 and last traded at $2.38. 10,898,133 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 43,372,930 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

PLUG has been the topic of several recent research reports. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Canaccord Genuity Group lowered their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Evercore ISI reduced their price objective on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Jefferies Financial Group lowered their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Piper Sandler lowered their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Down 3.3 %

The company has a market capitalization of $2.13 billion, a P/E ratio of -1.09 and a beta of 1.76. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $2.20 and its 200 day moving average is $2.25.

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

Hedge Funds Weigh In On Plug Power

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nations Financial Group Inc. IA ADV bought a new position in shares of Plug Power in the 2nd quarter worth approximately $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power in the 2nd quarter worth about $28,000. Profund Advisors LLC bought a new position in shares of Plug Power in the 2nd quarter worth about $29,000. Prio Wealth Limited Partnership purchased a new position in Plug Power during the 3rd quarter valued at about $29,000. Finally, Catalyst Capital Advisors LLC boosted its stake in Plug Power by 79.9% during the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 5,631 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.