Plug Power (NASDAQ:PLUG) Shares Down 3.7% – Should You Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) were down 3.7% during mid-day trading on Friday . The company traded as low as $2.28 and last traded at $2.31. Approximately 9,741,166 shares changed hands during trading, a decline of 77% from the average daily volume of 43,258,801 shares. The stock had previously closed at $2.40.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Evercore ISI reduced their price target on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, November 13th. Jefferies Financial Group reduced their target price on shares of Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Piper Sandler lowered their price target 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. Craig Hallum cut their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price objective on shares of Plug Power in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Plug Power has an average rating of “Hold” and a consensus target price of $4.52.

Plug Power Stock Up 1.3 %

The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -1.14 and a beta of 1.76. The business’s 50-day moving average is $2.15 and its 200-day moving average is $2.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last posted its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $173.70 million for the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business’s quarterly revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.47) EPS. On average, equities analysts predict that Plug Power Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Plug Power

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased 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 valued at $43,388,000 after buying an additional 3,662,456 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Plug Power by 25.6% during 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 last quarter. Vontobel Holding Ltd. increased its position in Plug Power by 44.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 3,426,354 shares of the electronics maker’s stock valued at $7,744,000 after acquiring an additional 1,051,400 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock worth $5,896,000 after acquiring an additional 1,036,777 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Plug Power during the third quarter worth approximately $2,174,000. Institutional investors own 43.48% of the company’s stock.

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.