Plug Power (NASDAQ:PLUG) Shares Gap Down – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) shares gapped down prior to trading on Wednesday . The stock had previously closed at $1.62, but opened at $1.57. Plug Power shares last traded at $1.65, with a volume of 11,385,912 shares trading hands.

Analysts Set New Price Targets

PLUG has been the subject of a number of research analyst reports. BMO Capital Markets reduced their price objective on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Susquehanna dropped their price objective on shares of Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Wednesday, March 5th. B. Riley dropped their price objective on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research report on Monday, January 27th. Finally, HC Wainwright reduced their price target on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus price target of $2.34.

Plug Power Price Performance

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 50-day simple moving average of $1.89 and a two-hundred day simple moving average of $2.07. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -0.74 and a beta of 1.98.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Plug Power by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 87,438,503 shares of the electronics maker’s stock valued at $186,244,000 after purchasing an additional 4,491,114 shares during the period. Norges Bank bought a new position in shares of Plug Power in the 4th quarter valued at approximately $146,465,000. Geode Capital Management LLC raised its stake in shares of Plug Power by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 19,917,268 shares of the electronics maker’s stock valued at $42,434,000 after acquiring an additional 722,639 shares in the last quarter. Legal & General Group Plc increased its position in Plug Power by 8.5% in the 4th quarter. Legal & General Group Plc now owns 10,141,849 shares of the electronics maker’s stock worth $21,602,000 after buying an additional 796,774 shares during the period. Finally, Northern Trust Corp increased its position in Plug Power by 11.1% in the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker’s stock worth $16,843,000 after buying an additional 790,650 shares during the period. 43.48% of the stock is owned by institutional investors and hedge funds.

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.