Plug Power (NASDAQ:PLUG) Trading Down 23.8% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) was down 23.8% during trading on Wednesday . The stock traded as low as $1.92 and last traded at $1.92. Approximately 59,201,488 shares traded hands during mid-day trading, an increase of 48% from the average daily volume of 40,095,020 shares. The stock had previously closed at $2.52.

Analyst Ratings Changes

A number of brokerages have commented on PLUG. Susquehanna reduced their price objective on Plug Power from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Craig Hallum decreased their price objective on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company dropped their price objective on shares of Plug Power from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Finally, Truist Financial dropped their price target on Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Plug Power currently has a consensus rating of “Hold” and an average target price of $5.01.

Plug Power Price Performance

The company has a fifty day moving average price of $2.05 and a 200-day moving average price of $2.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 2.07.

Plug Power (NASDAQ:PLUG) last posted its earnings results on Thursday, August 8th. The electronics maker reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The business had revenue of $143.40 million during the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative return on equity of 47.51% and a negative net margin of 216.80%. The business’s revenue was down 44.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) earnings per share. Equities analysts expect that Plug Power Inc. will post -1.16 earnings per share for the current fiscal year.

Institutional Trading of Plug Power

Institutional investors and hedge funds have recently modified their holdings of the company. First Trust Direct Indexing L.P. acquired a new stake in Plug Power during the first quarter worth about $75,000. Principal Financial Group Inc. boosted its position in Plug Power by 32.0% in the 1st quarter. Principal Financial Group Inc. now owns 43,956 shares of the electronics maker’s stock valued at $151,000 after buying an additional 10,663 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Plug Power by 5.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,913,322 shares of the electronics maker’s stock worth $10,022,000 after purchasing an additional 150,088 shares during the period. Empowered Funds LLC acquired a new stake in shares of Plug Power during the 1st quarter worth approximately $48,000. Finally, Swiss National Bank raised its position in shares of Plug Power by 0.8% during the 1st quarter. Swiss National Bank now owns 1,075,988 shares of the electronics maker’s stock valued at $3,701,000 after acquiring an additional 8,300 shares during the last quarter. 43.48% of the stock is currently 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.