Plug Power (NASDAQ:PLUG) Shares Down 3.3% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) shares fell 3.3% on Tuesday . The company traded as low as $2.36 and last traded at $2.37. 12,554,092 shares were traded during mid-day trading, a decline of 71% from the average session volume of 43,209,789 shares. The stock had previously closed at $2.45.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Plug Power in a report on Wednesday, November 13th. Evercore ISI decreased their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, November 13th. Craig Hallum lowered their price target on shares of Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Canaccord Genuity Group cut their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Piper Sandler lowered their target price on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.52.

Plug Power Trading Up 3.6 %

The company’s fifty day moving average is $2.16 and its 200-day moving average is $2.28. 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 firm has a market capitalization of $2.10 billion, a P/E ratio of -1.07 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last issued its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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) earnings per share. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of Plug Power by 23.6% in the third quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock worth $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Plug Power by 25.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,637,039 shares of the electronics maker’s stock valued at $15,000,000 after purchasing an additional 1,354,500 shares during the period. Van ECK Associates Corp grew its position in Plug Power by 23.6% in the 3rd quarter. Van ECK Associates Corp now owns 4,232,001 shares of the electronics maker’s stock worth $8,803,000 after purchasing an additional 809,187 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Plug Power by 44.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock worth $7,744,000 after purchasing an additional 1,051,400 shares during the period. Finally, Bank of New York Mellon Corp raised 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 buying an additional 1,036,777 shares during 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.