Plug Power (NASDAQ:PLUG) Shares Down 3.7% – Time to Sell?

Shares of Plug Power Inc. (NASDAQ:PLUG) dropped 3.7% during trading on Thursday . The stock traded as low as $1.68 and last traded at $1.71. Approximately 25,056,813 shares were traded during trading, a decline of 63% from the average daily volume of 67,982,063 shares. The stock had previously closed at $1.77.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. BTIG Research lowered Plug Power from a “buy” rating to a “neutral” rating in a report on Thursday, November 14th. Piper Sandler lowered their price target on Plug Power from $1.60 to $1.40 and set an “underweight” rating for the company in a report on Thursday, November 14th. Wells Fargo & Company lowered their target price on shares of Plug Power from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Thursday, November 14th. StockNews.com raised shares of Plug Power to a “sell” rating in a research report on Monday, February 10th. Finally, Evercore ISI cut 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. Five research analysts have rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.12.

Plug Power Stock Performance

The company has a 50 day moving average price of $2.20 and a 200-day moving average price of $2.13. 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 company has a market cap of $1.51 billion, a P/E ratio of -0.78 and a beta of 1.79.

Hedge Funds Weigh In On Plug Power

Several large investors have recently bought and sold shares of the stock. Toronto Dominion Bank bought a new position in shares of Plug Power in the fourth quarter valued at approximately $270,000. Retirement Planning Group LLC NY acquired a new stake in Plug Power in the fourth quarter worth approximately $38,000. GTS Securities LLC boosted its stake in Plug Power by 150.0% during the 4th quarter. GTS Securities LLC now owns 18,750 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 56,255 shares in the last quarter. 49 Wealth Management LLC increased its position in shares of Plug Power by 25.0% during the 4th quarter. 49 Wealth Management LLC now owns 29,180 shares of the electronics maker’s stock valued at $62,000 after purchasing an additional 5,834 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Plug Power by 19.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,309,399 shares of the electronics maker’s stock valued at $4,919,000 after purchasing an additional 379,723 shares during the period. Institutional investors and hedge funds 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.