Plug Power (NASDAQ:PLUG) Stock Price Down 1.5% – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) fell 1.5% during mid-day trading on Friday . The stock traded as low as $2.55 and last traded at $2.63. 14,762,849 shares were traded during mid-day trading, a decline of 82% from the average session volume of 81,930,695 shares. The stock had previously closed at $2.67.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Evercore ISI reduced their price target on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Canaccord Genuity Group decreased their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Wells Fargo & Company dropped their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Craig Hallum dropped their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, Piper Sandler decreased their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock 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 given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.52.

Plug Power Trading Down 1.9 %

The firm’s fifty day simple moving average is $2.28 and its 200 day simple moving average is $2.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08. The stock has a market capitalization of $2.39 billion, a P/E ratio of -1.22 and a beta of 1.79.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share 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 analyst estimates of $207.25 million. During the same period in the prior year, the business posted ($0.47) EPS. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, equities research analysts forecast that Plug Power Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of Plug Power by 69.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after purchasing an additional 1,036,777 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Plug Power by 45.1% in the second quarter. Principal Financial Group Inc. now owns 63,780 shares of the electronics maker’s stock valued at $149,000 after buying an additional 19,824 shares during the period. Commonwealth Equity Services LLC boosted its position in Plug Power by 8.9% during the second quarter. Commonwealth Equity Services LLC now owns 356,973 shares of the electronics maker’s stock valued at $832,000 after acquiring an additional 29,134 shares during the last quarter. Rhumbline Advisers grew its holdings in Plug Power by 97.2% during the 2nd quarter. Rhumbline Advisers now owns 1,296,047 shares of the electronics maker’s stock worth $3,020,000 after acquiring an additional 638,761 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Plug Power by 8.6% in the 2nd quarter. Victory Capital Management Inc. now owns 88,102 shares of the electronics maker’s stock worth $205,000 after acquiring an additional 7,014 shares in the last quarter. Institutional investors and hedge funds 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.