Plug Power (NASDAQ:PLUG) Shares Down 9.5% – Should You Sell?

Plug Power Inc. (NASDAQ:PLUG) shares dropped 9.5% during mid-day trading on Thursday . The stock traded as low as $2.56 and last traded at $2.67. Approximately 68,127,402 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 95,630,695 shares. The stock had previously closed at $2.95.

Analyst Ratings Changes

Several brokerages have 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 research report on Thursday, November 14th. BTIG Research lowered shares of Plug Power from a “buy” rating to a “neutral” rating in a research report on Thursday, November 14th. Craig Hallum decreased their price objective on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Evercore ISI lowered their target price on shares of Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Finally, Jefferies Financial Group dropped their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The company has a market cap of $2.43 billion, a price-to-earnings ratio of -1.25 and a beta of 1.79. The stock has a 50 day simple moving average of $2.27 and a two-hundred day simple moving average of $2.24. 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 issued its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $173.70 million during the quarter, compared to analyst estimates of $207.25 million. Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.47) earnings per share. On average, equities research analysts predict that Plug Power Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plug Power

Several hedge funds have recently made changes to their positions in the company. Profund Advisors LLC purchased a new stake in Plug Power in the second quarter valued at approximately $29,000. Prio Wealth Limited Partnership purchased a new stake in Plug Power in the 3rd quarter valued at $29,000. Catalyst Capital Advisors LLC boosted its stake in Plug Power by 79.9% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the period. First Commonwealth Financial Corp PA purchased a new position in Plug Power during the 3rd quarter worth $29,000. Finally, Millburn Ridgefield Corp grew its position in Plug Power by 79.9% during the 3rd quarter. Millburn Ridgefield Corp now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. Hedge funds and other 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.