Plug Power (NASDAQ:PLUG) Shares Down 1.5% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG) dropped 1.5% on Thursday . The stock traded as low as $1.95 and last traded at $1.98. Approximately 12,814,693 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 39,277,398 shares. The stock had previously closed at $2.01.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Royal Bank of Canada reduced their target price on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research report on Monday, August 12th. Truist Financial reduced their target price on Plug Power from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Susquehanna reduced their target price on Plug Power from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Canaccord Genuity Group reduced their target price on Plug Power from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler reduced their target price on Plug Power from $2.50 to $2.40 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.01.

Plug Power Price Performance

The firm has a fifty day moving average price of $2.03 and a two-hundred day moving average price of $2.43. The stock has a market capitalization of $1.84 billion, a P/E ratio of -0.89 and a beta of 1.79. 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 released its quarterly earnings results on Thursday, August 8th. The electronics maker reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.06). The firm had revenue of $143.40 million for the quarter, compared to the consensus estimate of $184.54 million. Plug Power had a negative net margin of 216.80% and a negative return on equity of 47.51%. Plug Power’s quarterly revenue was down 44.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) earnings per share. As a group, analysts expect that Plug Power Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Plug Power

A number of institutional investors have recently bought and sold shares of PLUG. Swedbank AB purchased a new stake in Plug Power in the 1st quarter worth $10,687,000. SG Americas Securities LLC increased its stake in Plug Power by 134.0% in the 2nd quarter. SG Americas Securities LLC now owns 2,458,537 shares of the electronics maker’s stock worth $5,728,000 after buying an additional 1,407,858 shares in the last quarter. Vontobel Holding Ltd. grew its position in shares of Plug Power by 44.3% during the third quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after purchasing an additional 1,051,400 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Plug Power by 69.4% during the second 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 in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Plug Power by 1.9% during the first quarter. Vanguard Group Inc. now owns 54,986,479 shares of the electronics maker’s stock valued at $189,153,000 after purchasing an additional 999,194 shares in the last quarter. 43.48% of the stock is owned by institutional investors.

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.