Plug Power (NASDAQ:PLUG) Shares Down 0.8% – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) traded down 0.8% on Wednesday . The stock traded as low as $1.77 and last traded at $1.80. 12,222,145 shares were traded during trading, a decline of 82% from the average session volume of 68,593,539 shares. The stock had previously closed at $1.81.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PLUG. BTIG Research downgraded Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Piper Sandler lowered their target price on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Susquehanna increased their target price on shares of Plug Power from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. StockNews.com raised shares of Plug Power to a “sell” rating in a research report on Monday, February 10th. Finally, Evercore ISI dropped their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Plug Power currently has a consensus rating of “Hold” and a consensus target price of $4.12.

Plug Power Trading Down 5.1 %

The company has a 50 day simple moving average of $2.22 and a 200 day simple moving average of $2.13. The stock has a market capitalization of $1.51 billion, a PE ratio of -0.78 and a beta of 1.79. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Institutional Investors Weigh In On Plug Power

Large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 worth $15,000,000 after acquiring an additional 1,354,500 shares during the period. XTX Topco Ltd purchased a new stake in Plug Power in the 3rd quarter valued at approximately $2,174,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Plug Power by 24.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,421,222 shares of the electronics maker’s stock valued at $5,472,000 after purchasing an additional 476,060 shares in the last quarter. Stifel Financial Corp increased its position in Plug Power by 23.4% during the 3rd quarter. Stifel Financial Corp now owns 1,398,398 shares of the electronics maker’s stock worth $3,160,000 after purchasing an additional 265,514 shares during the period. Finally, MetLife Investment Management LLC raised its stake in shares of Plug Power by 166.4% during the 3rd quarter. MetLife Investment Management LLC now owns 424,297 shares of the electronics maker’s stock worth $959,000 after buying an additional 265,042 shares in the last quarter. Hedge funds and other institutional investors 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.