Plug Power (NASDAQ:PLUG) Shares Down 10.9% – Time to Sell?

Plug Power Inc. (NASDAQ:PLUG) fell 10.9% during trading on Monday . The stock traded as low as $2.40 and last traded at $2.44. 95,612,151 shares were traded during mid-day trading, an increase of 81% from the average session volume of 52,883,840 shares. The stock had previously closed at $2.74.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PLUG. Wells Fargo & Company cut their price target 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. Canaccord Genuity Group decreased their price target 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. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Plug Power in a research report on Wednesday, November 13th. Evercore ISI decreased their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group decreased their price target on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plug Power has a consensus rating of “Hold” and an average price target of $4.55.

Plug Power Trading Down 10.9 %

The business has a fifty day moving average of $2.34 and a 200-day moving average of $2.25. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) 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 analysts’ expectations of $207.25 million. During the same quarter in the previous year, the company earned ($0.47) EPS. Plug Power’s revenue for the quarter was down 12.6% on a year-over-year basis. On average, equities analysts anticipate that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plug Power

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Profund Advisors LLC bought a new position in Plug Power during the second quarter worth about $29,000. Prio Wealth Limited Partnership bought a new position in shares of Plug Power in the third quarter valued at approximately $29,000. Catalyst Capital Advisors LLC raised its stake in shares of Plug Power by 79.9% in the third quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 5,631 shares during the last quarter. First Commonwealth Financial Corp PA acquired a new stake in shares of Plug Power in the third quarter valued at approximately $29,000. Finally, Millburn Ridgefield Corp increased its holdings in shares of Plug Power by 79.9% in the third quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 5,631 shares in the last quarter. 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.