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

Plug Power Inc. (NASDAQ:PLUG) gapped down prior to trading on Wednesday . The stock had previously closed at $1.62, but opened at $1.57. Plug Power shares last traded at $1.65, with a volume of 11,385,912 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently commented on PLUG shares. Susquehanna reduced their price target on Plug Power from $2.50 to $1.80 and set a “neutral” rating for the company in a report on Wednesday, March 5th. HC Wainwright lowered their price objective on shares of Plug Power from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. BMO Capital Markets lowered their price target on shares of Plug Power from $1.60 to $1.40 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Truist Financial lowered their price target on shares of Plug Power from $2.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, Seaport Res Ptn cut shares of Plug Power from a “hold” rating to a “strong sell” rating in a research note on Monday, January 27th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.34.

Plug Power Trading Up 0.6 %

The stock’s 50 day moving average price is $1.89 and its 200-day moving average price is $2.07. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.47 billion, a PE ratio of -0.74 and a beta of 1.98.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pacific Sage Partners LLC bought a new stake in shares of Plug Power in the 4th quarter worth about $25,000. Oppenheimer & Co. Inc. purchased a new position in Plug Power during the 4th quarter valued at about $25,000. Jones Financial Companies Lllp grew its position in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker’s stock worth $25,000 after buying an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new position in shares of Plug Power in the 4th quarter worth approximately $27,000. Finally, Ground Swell Capital LLC purchased a new position in shares of Plug Power in the 4th quarter worth approximately $27,000. 43.48% of the stock is owned by hedge funds and other 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.