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

Plug Power Inc. (NASDAQ:PLUG) gapped down before the market opened on Tuesday . The stock had previously closed at $2.30, but opened at $2.23. Plug Power shares last traded at $2.19, with a volume of 6,469,251 shares.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PLUG shares. BTIG Research downgraded shares of Plug Power from a “buy” rating to a “neutral” rating in a research note on Thursday, November 14th. Jefferies Financial Group dropped their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Royal Bank of Canada decreased their price objective on Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a report on Monday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Plug Power in a report on Wednesday, November 13th. Finally, Piper Sandler decreased their price target on shares of Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $4.52.

Plug Power Price Performance

The firm has a market cap of $1.96 billion, a PE ratio of -1.01 and a beta of 1.76. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.95. The business’s fifty day moving average is $2.10 and its 200-day moving average is $2.34.

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

Institutional Investors Weigh In On Plug Power

Several large investors have recently added to or reduced their stakes in PLUG. SteelPeak Wealth LLC purchased a new stake in Plug Power during the second quarter valued at about $26,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Plug Power during the 2nd quarter valued at approximately $26,000. Aire Advisors LLC purchased a new stake in shares of Plug Power during the 2nd quarter valued at approximately $28,000. Madison Park Capital Advisors LLC bought a new position in Plug Power in the 2nd quarter worth approximately $29,000. Finally, Profund Advisors LLC purchased a new position in Plug Power in the 2nd quarter valued at approximately $29,000. 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.